Canada, Mexico and China have options to avoid a trade war
For Donald Trump to announce tariffs and extort trading partners weeks before entering office is true to form. His choice of victim was always going to have a random element. Canada was hit despite aligning with US trade over the years, including putting tariffs on Chinese electric vehicles. Mexico has had a more fractious relationship with the US but the trilateral US-Mexico-Canada trade deal has held together.
In practical terms, what do the Canada and Mexico tariffs mean? If Trump means it to apply to oil and gas, it could have a rapid effect on US consumer prices — exactly the opposite of what he promised in the election campaign. Although the US has become a net oil exporter, in 2022 it still imported 8.3mn barrels a day of petroleum products out of a total consumption of 20.3 mbd, of which about 70 per cent came from Canada and Mexico.
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