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POLITICO Energy
The energy impact of Trump’s trade war
Feb 5, 2025
Ben Lefebvre, POLITICO’s oil and gas reporter, dives into the effects of Trump's delayed tariffs on energy imports from Mexico and Canada, unpacking the temporary relief for U.S. consumers and the industry. He discusses the potential price hikes and the long-term damage to trade relations due to rising tensions. The conversation also sheds light on how the oil and gas sector, a significant supporter of Trump, is reacting to the looming tariffs, and examines the broader implications for international trade dynamics.
09:45
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Quick takeaways
- The delay in implementing tariffs on Mexican and Canadian energy imports provides temporary relief for U.S. consumers and the oil and gas industry.
- The oil and gas sector is focusing on maintaining diplomatic relations and exploring collaboration on critical minerals and energy production despite tariff uncertainties.
Deep dives
Impact of Tariffs on Energy Imports
The decision to delay tariffs proposed by President Trump on energy imports from Mexico and Canada has significant implications for U.S. consumers and the oil and gas industry. If enacted, the tariffs would have likely caused gasoline prices to rise by approximately 5%, while diesel prices could increase up to 10%. The Canadian oil relied upon by U.S. refineries is crucial for producing various products like gasoline and propane, and any disruption could lead to elevated prices for everyday consumers. This uncertainty has raised concerns about long-term energy relations and availability, prompting discussions about alternative energy supply routes that Canada and Mexico may pursue to minimize dependency on U.S. markets.
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Discover
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