Commodities / NEWS UPDATE
Why Trump and Carney Haven’t Touched Energy in Their Tariff War
Published · 1 min read
The United States and Canada are engaged in a trade war, with President Donald Trump and Prime Minister Mark Carney imposing tariffs on various goods, but oil and gas remain untouched due to their critical interdependence.
Canada supplies half of the U.S.'s foreign petroleum imports and is the primary supplier of electricity to parts of the Northeast U.S. Despite Trump's efforts to reduce reliance on Canadian energy, the U.S. still imports significant amounts of Venezuelan oil, putting pressure on Canadian producers. Canada is exploring new markets, such as Turkey, but these efforts are unlikely to significantly alter the existing energy relationship between the two countries.