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NEW YORK (Reuters) -Investors are bracing for a looming hit to U.S. corporate profits and pressure on inflation if President Donald Trump makes good on his tariff threats, with markets seen as not fully factoring in risks from higher levies on foreign imports. President Donald Trump is vowing to issue tariffs as soon as Saturday on Canada, Mexico and China, the three largest U.S. trading partners. As the tariff deadline nears, investors have been trying to gauge whether the potential duties on imports might be a negotiating tool, as Trump and members of his administration have addressed the topic over the past week.

Many U.S. oil refiners rely heavily on imported crude because their facilities are configured to run heavier grades, such as those coming in from Mexico and Canada. Refiners are awaiting clarity and preparing for U.S. President Donald Trump's threatened tariffs on crude imports from Canada and Mexico. Trump said on Friday that he would lower threatened tariffs on Canadian oil to 10% and that tariffs on oil and gas are likely to take effect on Feb. 18.

Big Oil executives this week saw little prospect of a near-term improvement in refinery profits after Chevron, Exxon Mobil and Shell all reported fourth-quarter earnings that were hit hard by a downturn in the margins for producing fuel. An increase in global refining capacity in 2024, combined with sputtering demand growth has hurt refining margins. Chevron's shares declined 4% after it reported a loss in its refining business for the first time since 2020, causing the No. 2 U.S. oil producer to miss Wall Street's profit estimate.

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U.S. President Donald Trump said on Friday he expects his administration to impose tariffs related to oil and gas around Feb. 18. He did not name a specific country to which the tariffs would apply or specify any more details about the plans. "We're going to put tariffs on oil and gas," Trump told reporters in the White House's Oval Office.

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The market anxiety ahead of Donald Trump's tariffs deadline focused Friday on oil and gas after the president acknowledged there could be issues including the energy staple in his overall plans.