Trump Tariff Threat Rippling Through Canada Oil Sector
President-Elect Has Promised to Impose 25% Tariffs on Imports From the United States’ Northern Neighbor
An Esso gas station in Calgary, Alberta. Refineries in Michigan, Wisconsin, Indiana and Ohio process almost 70% of the Canadian crude imported into the U.S. (Gavin John/Bloomberg News)
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U.S. President-elect Donald Trump’s vow to impose 25% tariffs on imports from Canada — a threat that has been looming for more than a month — is finally starting to disrupt Canada’s oil industry.
Canadian crude prices and shares of the country’s producers had largely shrugged off the danger of an energy trade war since Trump first posted about the tariffs in November. Many speculated that his friendliness to the oil industry and promises to cut U.S. gasoline prices would prompt him to exempt energ…
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