Curtis Heinzl of Bloomberg reports that Trump is likely to exempt Canadian energy from tariffs. Heinzl writes:
President-Elect Donald Trump will follow through on his plans to hit imports with tariffs but is likely to carve out exemptions for sectors such as Canadian oil and gas, former US Commerce Secretary Wilbur Ross said.
Canada is the largest external supplier of energy to the US, reaching nearly $160 billion in 2022, most of which is crude oil, petroleum products or natural gas.
“We import a lot of energy from Canada. I can’t imagine that the president would want to tax that, because all it would do would be to raise our costs and not help anything with more American jobs,” Ross told the Canadian Broadcasting Corp. “So I think it’s easy to have the fears be overblown.” […]
“Canada has to realize that America does have a much sturdier set of principles and policies now than what it had before,” he said. “So if I were Canada, I would be looking for what things Canada can volunteer to do to facilitate the relationship with the US.”
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