“Oil producers in Canada and Mexico are likely to be forced to cut prices and divert supplies to Asia if US President-elect Donald Trump imposes 25% import tariffs on crude oil imports from the two countries.”, — write: epravda.com.ua
Oil producers in Canada and Mexico are likely to be forced to cut prices and divert supplies to Asia if US President-elect Donald Trump imposes 25% import tariffs on crude oil imports from the two countries. This is reported by Reuters. It said oil would not be exempt from potential tariff increases on imports from Canada and Mexico, despite warnings from the US oil industry that the policy could harm consumers, industry and national security. Canada and Mexico are the two largest exporters of oil to the United States, accounting for 52% and 11% of gross imports, respectively.Advertisement: The US accounts for 61% of water flows from Canada and 56% from Mexico.Advertisement: Canadian waterborne oil exports jumped to 65% to about 530 thousand barrels per day (b/d) in 2024, after as the opening of the expanded Trans Mountain Pipeline increased supplies to the US and Asia. Canada and Mexico export mostly heavy, high-sulfur crude, which is refined at sophisticated refineries in the US and most Asian countries. Read also: Trump plans to collapse oil prices. How realistic is it and how will it affect Russia? We will remind: Donald Trump, who will take office as the US president on January 20, 2025, has promised to introduce additional tariffs on all imports from Canada, Mexico and China immediately after the start of his term. American motorists should brace for higher gas prices due to plans by the new Trump administration to raise tariffs on imports from Canada and Mexico.
