President Trump has imposed a 10 percent tariff on Canadian energy exports, which is less than the 25 percent levied on other goods. Analysts and industry insiders express concern over the impact of these tariffs on the Alberta economy. While some industry leaders argue the U.S. remains reliant on Canadian oil, they acknowledge that these tariffs will reduce profits and complicate export operations. The tariffs reignite discussions on reforming the regulatory framework governing energy projects in Canada to bolster competitiveness and expand into new markets.
On the one hand, we're luckier than other Canadians because 80 per cent of everything that Alberta exports to the U.S. is energy products, and that's only subject to the 10-per cent tariff. But, you know, this is going to hurt the provincial economy, it's going to hurt the country. And there's no two ways about it.
We've been through some tough times before, and we know that the U.S. needs our oil. They don't have alternatives. It's not like the higher price is going to result in a big cut in demand. They need our oil. We need to sell them our oil. So that's one thing that gives some comfort is we're going to continue to sell oil, just get a little bit lower price.
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