Canada is considering introducing tariffs on oil and uranium exports to the U.S. as a countermeasure to the duties proposed by Donald Trump.
Last year, Canada’s energy exports to the U.S. totaled $170 billion, with more than half of all U.S. oil imports coming from Canada. Limiting these supplies could trigger higher gasoline prices in the United States.
Experts also point out that Trump’s plans to boost domestic oil production may prove unprofitable for U.S. producers. Instead of increasing output, companies are more likely to focus on raising prices, which could benefit Canada.
As an additional measure, authorities in Ontario are considering restricting imports of American alcohol, including whiskey and bourbon. Previously, Ontario officials also threatened to halt electricity exports to the U.S.
However, Canadian officials recognize that a trade conflict with the U.S. poses significant economic risks, including a potential GDP decline, a weakening of the Canadian dollar, and the need for economic support measures.
