Asia Likely to Benefit from Cheaper Canadian, Mexican Oil if Trump Imposes Tariffs

OIL PRICE - SINGAPORE. Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25% import tariffs on crude imports from the two countries, traders and analysts said.

Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the U.S. oil industry has warned the policy could hurt consumers, industry and national security.