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The leader of Canada’s top oil-producing province vowed to fight federal efforts to cut or tax crude exports to the US as a tactic in a trade war with the incoming Trump administration.
Author of the article:
Bloomberg News
Robert Tuttle
Published Jan 15, 2025 • 1 minute read
(Bloomberg) — The leader of Canada’s top oil-producing province vowed to fight federal efforts to cut or tax crude exports to the US as a tactic in a trade war with the incoming Trump administration.
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President-elect Donald Trump has threatened to impose 25% tariffs on imports from Canada and Mexico after assuming office next week. Canada’s federal government is considering cutting off energy supplies to the US or imposing tariffs exports in response, Alberta Premier Danielle Smith said in a post on X.
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“Until these threats cease, Alberta will not be able to fully support the federal government’s plan in dealing with the threatened tariffs,” she said in the post, which came after a meeting between Canada’s premiers and Prime Minister Justin Trudeau. “We will take whatever actions are needed to protect the livelihoods of Albertans from such destructive federal policies.”
Smith met with Trump last weekend and later warned Canadians to prepare for tariffs, including on oil and gas. More than half of US crude imports come from Canada, mostly from Alberta.
Canadian crude already sells at a discount to US benchmark West Texas Intermediate oil, allowing the US to sell its higher-value crude and products abroad while keeping American fuel prices in check. That discount on Canadian oil has widened after Smith’s warning about Trump’s intentions, with Western Canadian Select crude for second-quarter delivery trading at $17.75 less per barrel than WTI on Wednesday, compared with $14.70 on Monday.
Asked whether Canada could curb energy supplies to the US in response to tariffs, Foreign Affairs Minister Mélanie Joly has warned that “everything is on the table.”
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