Trump tariffs include 10% carve-out for Canadian gas, power, minerals – by Killian Staines, Daniel Weeks, Kip Keen, Zack Hale, and J Robinson (S&P Global – February 2, 2025)

https://www.spglobal.com/

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.

For the rest of this article: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/natural-gas/020225-trump-tariffs-include-10-carve-out-for-canadian-gas-power-minerals