Alberta and its oilpatch are in the crosshairs amid Donald Trump's return to the White House as energy is Canada’s largest export to the U.S., worth about $125-billion in 2023.
Trump's threats of widespread tariffs, and Canada’s threat of its own tariffs in response, has the potential to impact hundreds of thousands of jobs, ignite inflation pressures and bruise the financial health of many industries. In particular, Alberta and its oilpatch are in the crosshairs as energy is Canada’s largest export to the U.S., worth about $125 billion in 2023.
A massive tariff applied to the four million barrels of oil that flow south every day could drive down prices of Canadian oil, lead companies to pull back on production, and damage the bottom line of the provincial government. The hope in the oilpatch is that the tariffs are just posturing and a negotiating tactic by Trump. There's also some belief the sector will be exempt or tariffs will be gradually introduced.
That would potentially result in companies in Western Canada filling storage tanks with oil to build inventories, she said, as well as "lower prices for Canadian crude oil."Donald Trump is set to be inaugurated on Monday, and he has made his intention clear about imposing a 25 per cent tariff on imports from Canada. Richard Masson, an executive fellow at the University of Calgary's School of Public Policy, explains the potential impact this could have on the energy sector.
"Any trade barriers that might be imposed on this free flow of trade could have a serious negative impact on the economies and consumers on both sides of the border," the company wrote in a statement. On Wednesday, Canada's premiers met in person and virtually with Prime Minister Justin Trudeau in Ottawa to discuss the tariffs and paths of possible retaliation.
"Until these threats cease, Alberta will not be able to fully support the federal government's plan in dealing with the threatened tariffs."
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