Trump 50% tariffs begin impacting US-Canada crude and refined product trade
As Trump's 50% tariffs begin impacting trade, the US supplied 79.6% of Canada's refined petroleum product imports while Canada accounted for about 61% of total US crude oil imports. Analysts noted Canada provides about 3.5 million barrels per day to the US, with limited alternative export capacity, though one account questioned whether crude was explicitly removed from the tariffs.
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@FinanceLancelot
As Trump's 50% tariffs begin impacting trade, it's unclear what the economic impact will be for Canada and the United States 🇨🇦🇺🇸 The United States supplied 79.6% of Canada’s refined petroleum product (RPP) imports, while Canada accounted for about 61% of total U.S. crude oil https://t.co/W1xujKpmDG
@Greddituser
How would you replace the 3.5 million barrels per day that Canada currently provides to the US? It's not like there's a huge glut of heavy sour crude. Venezuela is only exporting about 750,000 per day and most of that is coming to the US already. Canada can only export about 1 million per day by vessel, the rest is trapped if it doesn't go to the US by pipeline. So you would effectively remove 3.5 million barrels per day from the world supply of oil, which would have a big impact on crude prices.
@shitshort
I thought the crude oil was explicitly removed from the 50% tariffs ?