Two sources familiar with Trump’s plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico
Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25 per cent import tariffs on crude imports from the two countries, traders and analysts said.
Canadian crude exports have jumped 65 per cent to about 530,000 barrels per day in 2024, the data showed, after the opening of the expanded Trans-Mountain pipeline increased shipments to the U.S. and Asia. “The impact is all on the heavy grades. What are the U.S. refiners going to do? Even Saudi Arabian Heavy crude is limited,” a Singapore-based trader said, adding that some U.S. refiners can only receive crude via pipelines, limiting their options for imports.
“We are likely to see quite some volume going to China and India, where refiners’ configurations are able to refine the crude,” said LSEG analyst Anh Pham.
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