The proposed tariffs on Canadian and Mexican goods by U.S. President Trump could potentially alter the dynamics of North American crude oil trade. A report by Wood Mackenzie forecasts that these measures could lead to a reduction in U.S. oil demand by roughly 50,000 barrels per day by the year 2026. In response to the 25% tariff, Mexico may redirect its oil exports towards European and Asian markets. Meanwhile, Canadian crude oil is anticipated to maintain its flow into the U.S., benefitting from a more moderate 10% tariff.
