Trump plans 25% tariff on Canadian imports, raising economic concerns

President-elect Donald Trump announced plans to impose a 25% tariff on imports from Canada and Mexico, alongside a 10% tariff on Chinese goods. This move has raised concerns in Canada, particularly regarding its significant crude oil exports to the U.S. Canadian crude oil is vital for U.S. refineries, especially given sanctions on Venezuela and Russia. In 2022, Canada exported nearly $160 billion in energy products to the U.S., with crude oil exports reaching a record 4 million barrels daily by 2023. Experts warn that these tariffs could disrupt the integrated economies of the U.S. and Canada, potentially harming American jobs and competitiveness in manufacturing sectors reliant on Canadian exports.