SINGAPORE/LONDON ¨C 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% tariffs on crude imports from the two countries, traders and analysts said.
Two sources familiar with Trump¡¯s plan say that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico, despite the U.S. oil industry¡¯s warnings that the policy could hurt consumers, industry and national security.
The United States accounts for 61% of waterborne flows from Canada and 56% from Mexico respectively, ship tracking data from Kpler showed.
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