PanamaTimes

Thursday, Jul 10, 2025

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
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
AI Raises Alarms Over Long-Term Job Security
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Brazilian Congress Rejects Lula's Proposed Tax Increase on Financial Transactions
Landslide in Bello, Colombia, Results in Multiple Casualties
Papa Johns pizza surge near the Pentagon tipped off social media before Trump's decisive Iran strike
Juncker Criticizes EU Inaction on Trump Tariffs
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Sole Survivor of Air India Crash Recounts Escape
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
UK and EU Reach Agreement on Gibraltar's Schengen Integration
Israeli Finance Minister Imposes Banking Penalties on Palestinians
U.S. Inflation Rises to 2.4% in May Amid Trade Tensions
Trump's Policies Prompt Decline in Chinese Student Enrollment in U.S.
Global Oceans Near Record Temperatures as CO₂ Levels Climb
Trump Announces U.S.-China Trade Deal Covering Rare Earths
Smuggled U.S. Fuel Funds Mexican Cartels Amid Crackdown
Protests Erupt in Los Angeles with Symbolic Flag Burning
Trump Administration Issues New Travel Ban Targeting 12 Countries
Man Group Mandates Full-Time Office Return for Quantitative Analysts
JPMorgan Warns Analysts Against Accepting Future-Dated Job Offers
Builder.ai Faces Legal Scrutiny Amid Financial Misreporting Allegations
Japan Grapples with Rice Shortage Amid Soaring Prices
Goldman Sachs Reduces Risk Exposure Amid Market Volatility
HSBC Chairman Mark Tucker to Return to AIA as Non-Executive Chair
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Judge Blocks Trump's Ban on International Students at Harvard
Trump Proposes Travel Ban on 'Uncontrolled' Countries
Panama Port Owner Balances US-China Pressures
Trump Administration Accused of Obstructing Deportation Cases
Trump’s China Strategy Remains a Geopolitical Puzzle
Eurozone Inflation Falls Below ECB Target to 1.9%
Call for a New Chapter in Globalisation Emerges
Blackstone and Rivals Diverge on Private Equity Strategy
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Bangkok Ranked World's Top City for Remote Work in 2025
Denmark Increases Retirement Age to 70, Setting a European Precedent
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Escalating Trade Tensions and Market Reactions
OnlyFans Reportedly in Talks for $8 Billion Sale
JBS Gains Shareholder Approval for U.S. Stock Listing
Booz Allen Hamilton to Cut 2,500 Jobs Amid Federal Spending Reductions
Trump Signs Executive Orders to Accelerate Nuclear Energy Development
Harvard Temporarily Blocks Trump Administration's International Student Ban
Nippon Steel Forms Partnership with U.S. Steel, Headquarters to Remain in Pittsburgh
Trump Expands Tariff Threats to Apple and Samsung Devices
Oracle and OpenAI Plan $40 Billion Nvidia Chip Purchase for AI Data Center
×