A new poll shows strong support among Canadians for imposing export taxes on oil shipments to the US as retaliation against Donald Trump's threatened tariffs. The poll, conducted by Nanos Research Group for Bloomberg News, found that 82% of Canadians support the measure if Trump imposes tariffs on Canadian goods while exempting oil.
Portfolio manager Eric Nuttall explains where he thinks Canada could have done more in softening relations with the U.S.
Overall, 82% of Canadians support unilaterally raising the price on oil exports to the US if Trump tariffs Canadian goods but exempts oil, according to a poll by Nanos Research Group conducted for Bloomberg News. The survey was conducted from Jan. 31 to Feb. 3 among 1,077 respondents, and is considered accurate within 3 percentage points, 19 times out of 20.
Oil is Canada’s single biggest point of leverage with the US, which imports about 4 million barrels a day from its northern neighbor. Many US refineries, particularly in the Midwest, rely on heavy crude oil sourced from Canada and do not have easy replacements for it. However, Trump has explicitly kept the tariff threat on the table, saying the coming weeks will be used “to see whether or not a final economic deal with Canada can be structured.”
“We will not be moving forward on issues that further divide the country, which is why we’re working with all premiers to look at different ways we can encourage the Americans to step back from these trade actions,” he said.
Economics Trade CANADA TRUMP TARIFFS OIL EXPORT TAXES ENERGY POLICY
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