US President Donald Trump on Feb. 1 followed through on a threat to hit the nation’s three largest trading partners with steep tariffs. Energy imports from Canada — including oil, natural gas, electricity, coal, uranium, and critical minerals — were singled out, however, to be taxed at a lower rate of 10%.
Outside of the energy exclusions, Trump’s executive orders imposed 25% across-the-board tariffs on imports from Canada and Mexico and a 10% tariff on imports from China. No energy-related exemptions were identified for Mexico or China. The new tariffs will take effect on Feb. 4.
Canadian Prime Minister Justin Trudeau said Feb. 1 that the country would impose 25% tariffs on C$155 billion worth of US goods in response. Trudeau said the tariffs would go into effect on C$30 billion of US goods starting Feb. 4, and the tariffs applying to the other C$125 billion worth will go live in 21 days to allow Canadian companies to find alternative supply chains.
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