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Home News Macro

Trump’s Oil Tariff Threat: U.S.-Canada Energy Trade War Looms

by Team Lumida
January 22, 2025
in Macro
Reading Time: 3 mins read
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Fed Official Warns of Inflation Risks Under Trump Presidency

"Donald Trump" by Gage Skidmore is licensed under CC BY-SA 2.0

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Key Takeaways:

Powered by lumidawealth.com
• Trump threatens 25% tariff on Canadian oil imports, effective February 1
• Canada considers retaliatory measures, including potential oil export restrictions
• U.S. refineries heavily dependent on Canadian heavy crude
• Potential $20 billion annual tax impact based on current trade flows

What Happened?

President Trump has announced plans to impose a 25% tariff on Canadian imports, including crude oil. Canada, which supplies over 60% of U.S. oil imports (approximately 4 million barrels daily), is considering retaliatory measures. Alberta’s Premier Danielle Smith, following a meeting with Trump, indicated no exemptions are expected for crude oil. The announcement has triggered intense lobbying efforts from both U.S. and Canadian energy sectors.

Why It Matters?

This trade dispute could significantly impact North American energy markets and economies. U.S. refineries are specifically designed for Canadian heavy crude, making quick substitution difficult. The tariff could result in higher gasoline prices, particularly in the Midwest, with estimates ranging up to 75 cents per gallon increase. The move could undermine U.S. “energy dominance” goals and affect the Gulf Coast’s position as a global export hub. For Canada, whose energy sector is heavily dependent on U.S. markets, the tariffs represent a serious economic threat.

What’s Next?

Industry observers will closely watch several key developments: potential exemptions for energy products, Canada’s retaliatory measures, and market adaptations. U.S. refiners may need to consider costly facility modifications to process different crude types. American producers might increase production to fill the gap, though this could face resistance from shareholders focused on capital discipline. The situation could also impact global oil markets and prices, particularly if Mexico (America’s second-largest oil supplier) faces similar tariffs.

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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018