Canadian Energy Groups Oppose U.S. Tariff Threat
Canadian Energy Groups Oppose U.S. Tariff Threat

Canadian Energy Groups Oppose U.S. Tariff Threat

News summary

In response to President-elect Donald Trump's threat of a 25 percent tariff on all Canadian imports, five major Canadian energy associations have formed a joint working group to protect against potential trade disruptions. The Canadian Association of Petroleum Producers (CAPP) and other industry groups are mobilizing efforts to prevent tariffs on Canadian oil and natural gas, which represent a significant portion of Canada's exports and economic value. They emphasize the importance of the longstanding energy trade relationship between Canada and the U.S., valued at about $150 billion annually. Concerns are rising within the Canadian oil sector regarding possible retaliatory measures from Ottawa, including export taxes, that could exacerbate economic challenges. CAPP President Lisa Baiton highlighted the need for coordinated industry responses and diversification efforts to bolster Canada's economic resilience. The urgency of the situation is underscored by the lack of preparation within Canada for a trade negotiation with the incoming Trump administration.

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