Mexico's Economy Minister Marcelo Ebrard has warned that the country will impose retaliatory tariffs if U.S. President-elect Donald Trump increases tariffs on Mexican imports, potentially by 25%. Ebrard highlighted Mexico's significant role in trade negotiations under the USMCA and noted that any U.S. tariff hikes would necessitate corresponding actions from Mexico, which could lead to inflationary pressures in both economies. Experts believe that Trump's proposed tariffs may not only impact Mexico but also complicate trade relations given the U.S.'s reliance on Mexican exports. Meanwhile, Canada's energy industry anticipates that Trump's protectionist measures will not likely include tariffs on Canadian oil imports, as U.S. refineries depend heavily on Canadian crude. Analysts suggest that imposing such tariffs would increase costs for refiners and ultimately consumers, making it an unlikely scenario. Overall, the trade dynamics between the U.S., Canada, and Mexico remain tense as the incoming administration prepares to implement its economic policies.