Washington Update From the U.S. Oil & Gas Association - 2.3.2025

Washington Update

February 3, 2025

Trump Has Imposed Tariffs on Canadian and Mexican crude. Or Has He?

President Trump moved on Saturday to impose tariffs on Canadian and Mexican crude oil. At this writing those tariffs remain in place. By the time this is edited and distributed – that could all change. For example, by noon eastern today, Mexico had taken sufficient steps to address the border crisis to secure a month delay in the tariff implementation.

Ideally, Canada and Mexico will move quickly to implement policies that will support the increase in border security and stop the flow of fentanyl into the U.S.

We also suspect that the Canadian tariffs would be open to significant reconsideration the second that Canadian Prime Minister Trudeau goes away. It almost appears personal at this point.