The United States increasingly relies on Canadian crude oil, but President-elect Trump's tariff threats on Canadian imports could strain the relationship. Trump has threatened tariffs of up to 25% on many products, including oil, from Canada and Mexico. This could lead to higher energy costs and inflation in the U.S. Canadian officials are studying their response options, with some suggesting restrictions on imports from the U.S.
Damian J. Troise, The Associated PressIan de Verteuil, equity strategist at CIBC Capital Markets, discusses how Trump’s tariff threats could impact the 2025 market outlook.
Trump has threatened blanket tariffs of up to 25% on products from both Canada and Mexico. That has raised concerns about higher energy costs trickling through the entire U.S. economy, making gasoline and other petroleum products more expensive and reigniting inflation.“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.
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.
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