PanamaTimes

Monday, Dec 09, 2024

Canada's Oil Industry Faces Uncertainty Amidst Trump's Tariff Threat

Economic repercussions loom for Canada and the U.S.
The province of Alberta, Canada's oil heartland, is facing tensions as President-elect Donald Trump threatens a 25% tariff on Canadian goods.

This potential levy, aimed at Canada and Mexico, forms part of Trump's push to secure U.S. borders against unlawful immigration and drug trafficking.

Industry leaders and political figures, including former energy executive Dennis McConaghy and the Canadian Association of Petroleum Producers' CEO Lisa Baiton, warn of significant economic impacts.

Such tariffs could lead to reduced oil production in Canada, job losses in Alberta, and potential devaluation of the Canadian dollar.

With 80% of Canada's trade, primarily hydrocarbons, linked to the U.S., these moves threaten integrated economic ties.

U.S. regions heavily dependent on Canadian oil, such as the Midwest, face rising operational costs and higher consumer gas prices if tariffs are imposed.

In response, Canadian Prime Minister Justin Trudeau has organized emergency discussions with Canadian provinces to address the potential repercussions and to negotiate with the Trump administration to avert these tariffs.

Alberta Premier Danielle Smith has emphasized the need to maintain strong bilateral energy ties while considering enhanced border security measures.

The situation unfolds at a time when Trump seeks to boost American energy independence, complicating cross-border trade as the U.S. grapples with domestic and foreign oil reliance.
Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Special counsel Jack Smith asks the court to dismiss his appeal against Trump in the Mar-a-Lago classified documents case.
A Chinese retail chain has substituted traditional mannequins with real women walking on treadmills to display their clothes in motion.
Iranian Man Charged in Plot to Assassinate Donald Trump
Vatican Synod Concludes with Support for Women in Leadership Roles
Biden Labels Trump a Threat to Democracy
McDonald's Linked to E. coli Outbreak Leading to One Death
AI Regulation Takes Center Stage in 2024 US Presidential Campaign
Cuba's Power Struggles: Nationwide Blackout Strikes Again
Meta Faces Legal Battle Over Teen Social Media Addiction
UK Government Proposes Weight-Loss Injections to Combat Obesity and Boost Employment
Russia's Call for a BRICS Financial System Alternative
Indigenous Groups in Brazil Protest Carbon Credit Deal
Tesla's Robotaxi Design Strikes Controversy
Boeing to Reduce Workforce by 10% Amid Financial Strain
Brazilian Man Arrested for Decades-long Abuse and Imprisonment of Family
Donald Trump Amplifies Anti-Migrant Sentiments in Colorado Speech
Mass Looting of Chicago Cargo Train: 50 to 150 Looters Ransack Containers in Chaotic Scene
The Impact of Online Culture on Young Women: Survey Insights
Hypersonic Jet to Revolutionize Air Travel
Facilitated Communication: Miracle Tool or Manipulative Method?
US Election 2024: A Deadlock Between Trump and Harris
Dominica Sells Citizenship to Boost Climate Resilience
Elon Musk's X Faces Fines and Account Error in Brazil
Scott Jennings leaves CNN panel speechless as he tears apart Tim Walz's flimsy excuse of being "too dumb to tell the truth."
Earth Faces Severe Geomagnetic Storm from Solar Flare
China-Led Bloc Challenges The Quad in Indo-Pacific Region
Biden-Harris sent forklifts to open the border when Texas built a razor wall.
Storm Helene Devastates Eastern and Midwestern US, Claims 44 Lives
Trump Taps Elon Musk to Lead Federal Spending Cuts, Promising Trillions in Savings
Importing voters: With an election looming, the U.S. is approving citizenship applications at the fastest speed in years.
Hurricane Helene Set to Slam Florida with 'Unsurvivable' Conditions
El Salvadoran President Bukele at the UN: "Some complain that we put thousands in prison. In reality, we set millions free."
Google Commits 120 Million Dollars for Global AI Education: Sundar Pichai
Tennessee Woman Sentenced for Attempted Murder-For-Hire
Amazon Rainforest Suffers Massive Deforestation
Earth's Planetary Boundaries Breached
Elon Musk’s X Circumvents Brazil’s Supreme Court Block
Brazilian Judge Accuses Elon Musk’s X of Circumventing Court-Ordered Ban
Venezuelan Opposition Leader Coerced into Recognizing Maduro's Victory
Brazil's Firefighters Battle Amazon Blazes and Arsonists
X Social Media Platform Ordered Offline Again in Brazil
Global Workdays Required to Afford iPhone 16
In his podcast, Joe Rogan rightly questioned, "YOU NEED A VACCINE PASSPORT FOR FOOD, BUT VOTER ID IS ‘RACIST'?!"
Trump Unveils New Cryptocurrency Venture Amidst Campaign
X Update Enables App to Bypass Brazil Ban, Say Internet Providers
Delta Airlines Sets Strict Wardrobe Guidelines for Flight Attendants
Norway Achieves Milestone in Electric Vehicle Adoption
Hezbollah Hit by Explosive Pagers in Lebanon
Ex-Soldier Describes Trump Assassination Suspect's Troubled Ukraine Stint
Ghislaine Maxwell's Sex-Trafficking Conviction Upheld by Appeals Court
×