Insight
Impact of tariffs on North American gas and oil markets
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Report summary
US tariffs against Canada and Mexico were imposed on 4 March and then lifted for some imports on 6 March with an intended start date now set in early April. While the exact dimensions or timing of the tariff regime against Canada and Mexico is uncertain, if implemented as currently intended, the impact will be sizeable. The tariffs could change the North American continent’s trade and market dynamics with a potential spillover effect into global trade. This Insight examines the effect of the 10% tariffs on US gas and oil imports from Canada and 25% on US oil and gas imports from Mexico. To provide an integrated picture of the impact, we have combined two recent reports from our North America Gas Service and North America Crude Market Service. Between them, the full gas and oil implications of the potential tariffs are analyzed.
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