According to Tom Kloza, the global head of energy analysis at Oil Price Information Service, if fuel producers respond to the tariffs by cutting production, gasoline prices in the Midwest could climb 15 to 20 cents a gallon, with more muted effects in other parts of the country.

Tariffs on goods from Mexico and Canada could arrive Saturday. Look for confusion on the border, higher prices and cheers from the steel industry.

Trump reiterated that he planned to put tariffs on Canada and Mexico from Feb. 1 but markets still don’t know the full extent of the levies.

With less than 24 hours before President Donald Trump's deadline to impose sweeping tariffs on the three biggest US trading partners -- Canada, Mexico and China -- the global economy