The US heavily relies on Canadian crude oil, but President-elect Trump's threat of tariffs on Canadian goods could disrupt this relationship. Over 50% of US crude oil imports come from Canada, with concerns rising that tariffs could increase energy costs and fuel inflation. Canadian officials are studying potential responses, including restricting energy exports, while hoping to find a solution.
NEW YORK — The U.S. increasingly relies on Canadian crude oil to meet domestic demand and that relationship faces potential strain amid the threat of tariffs from President-elect Donald Trump.
“All three countries remain heavily reliant on each other economically, and hefty taxes on key U.S. imports like crude oil or softwood lumber risk exacerbating U.S. consumer inflation,” said a report led by Solita Marcelli, chief investment officer of the Americas for UBS Financial Services. Canadian oil makes up the majority of overall oil imports in the U.S., despite the nation’s own oil boom over the last decade. That boom has made the U.S. the world's biggest producer of crude oil and a net exporter. But a mix of chemistry and infrastructure, along with geography and prices, means the U.S. still has to import a significant amount of oil to meet demand.
Canada US Oil Exports Tariffs Trade
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Leaders Express Concern Over Trump's Proposed Tar on Canadian GoodsCanadian business and political leaders are voicing concerns about Donald Trump's pledge to impose a 25-per-cent tariff on all Canadian goods coming into the United States. They argue that such tariffs would harm businesses on both sides of the border and weaken North America's economic and geopolitical strength.
Read more »
Asia likely to benefit from cheaper Canadian, Mexican oil if Trump imposes tariffsTwo sources familiar with Trump’s plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico
Read more »
Canadian Leaders Express Concerns Over Trump's 25% Tariff of Goods Import from CanadaCanadian political and business leaders are voicing their concerns over the potential imposition of a 25% tariff on products imported from Canada by the Trump administration. They highlight the mutual economic damage that could ensue and the impact on worker and job security in both Canada and the U.S.
Read more »
Trump’s tariff will hurt both Canada and U.S., Canadian leaders sayThe president-elect posted to Truth Social he will sign an executive order imposing a 25 per cent tariff on all products coming in to the United States from Canada and Mexico.
Read more »
Canadian Premiers to Unite in 'Team Canada' to Counter Trump's Border ThreatIndustry Minister François-Philippe Champagne expresses confidence in the unity of Canadian premiers despite initial signs of disagreement. The challenge comes after US President Donald Trump's threat to impose a 25% tariff, citing concerns about illegal border crossings and drug trafficking.
Read more »
Trudeau suggests Poilievre is un-Canadian for not joining Team Canada on Trump tariffsPoilievre alleges that the Prime Minister, through his environmental and tax policies, is making it easier for Trump to divert business investment to the United States
Read more »