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How would Trump tariffs affect North American oil markets?
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Report summary
Within weeks of taking office, President Trump escalated his threat to impose steep import tariffs (25%) on Canada and Mexico, coming within hours of enacting them before negotiations prevailed. In the unveiled plan, Canadian energy – including oil and gas – were granted an exception of a lesser 10% US import tariff, highlighting the high codependency between Canadian producers and US refiners. Mexican oil was granted no such exception and would be subject to the full 25% tariff under the current plan.
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