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Oil prices remained steady near $73 as markets await President Trump’s decision on whether to include crude oil in the planned 25% tariffs on Canadian and Mexican imports.
This decision carries significant implications for the North American energy landscape, particularly given the deep integration of US-Canadian energy markets and Canada’s substantial 4 million barrel per day export to the US.
Industry experts, including Goldman Sachs analysts, warn that implementing oil tariffs could trigger higher gasoline prices in the US Midwest while eventually depressing global crude prices through weakened demand.
The situation has sparked preparation for potential retaliation from Canada, which has drafted a $105 billion list of US products to target and is considering more aggressive measures, including export taxes on strategic commodities.
