On March 4, the Trump administration announced it was proceeding with the implementation of new tariffs on imports from Canada, Mexico and China. As part of this move, the administration planned to impose a 25 percent tariff on goods from Mexico and Canada but planned to subject energy imports from Canada to a lower 10 percent tariff, while goods imported from China would be taxed at a higher 20 percent. In an ever-changing landscape, automakers on March 6 received a one-month reprieve from tariffs until April 2, as did Mexico and Canada on goods that are compliant with the North American trade deal (USMCA). Despite the postponement, uncertainty remains regarding U.S. trade policies and the possibility of future tariffs.

In 2024, the United States imported more than 4 million barrels of crude oil per day from Canada, whic