How Trump Tariffs Can Impact Us, Canada Oil Trade

The video discusses the impact of a 10% tariff on Canadian crude oil imported to the US. Canada plays a crucial role in the American oil system, supplying 4 million barrels daily. The tariff will likely lead to shared costs between Canadian producers and US refiners. The market reaction is significant, especially in gasoline prices, which have risen. The Midwest, heavily reliant on Canadian crude, may see immediate effects at the pump.

What are the potential consequences for US oil refiners due to the tariffs?

In what way could the tariffs impact consumers in the Midwest?