Asia may see lower oil prices from Canada and Mexico if Trump imposes tariffs

Oil producers in Canada and Mexico may lower prices and shift supply to Asia if U.S. President-elect Donald Trump imposes a 25% tariff on their crude imports. This could impact U.S. consumers and the oil industry, which has expressed concerns. Currently, the U.S. imports a significant portion of its crude from Canada and Mexico. Canadian crude exports have increased this year due to expanded pipeline capacity, while Mexican exports have declined. Analysts expect more Canadian and Mexican oil to reach Asian markets if tariffs are enacted. Some traders doubt Trump will implement the tariffs, as they could raise costs for U.S. consumers and refiners. However, if imposed, Canadian producers may need to offer deeper discounts to attract Asian buyers.