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Imperial Oil Ltd
Symbol IMO
Shares Issued 517,860,941
Close 2024-11-15 C$ 104.53
Market Cap C$ 54,132,004,163
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Globe/CP say MEG, rivals hear Canada may dodge tariffs

2024-11-15 08:23 ET - In the News

See In the News (C-MEG) MEG Energy Corp

The Globe and Mail reports in its Friday, Nov. 15, edition that U.S. president-elect Donald Trump's proposal for a 10-per-cent tariff on all imports, including from Canada, is unlikely to include Canadian oil, according to energy experts. A Canadian Press dispatch to The Globe reports that such a tariff could cost the Canadian economy $30-billion. Oil market researcher Rory Johnston believes the tariff's chances of affecting Canadian oil are low. Michael Catanzaro, a former energy adviser to Mr. Trump, stated last week, "We should emphasize that the U.S. and Canada, together, can be a powerful force." Without exemptions for Canadian crude, many experts agree that the cost at American pumps is certain to increase. It is unlikely the Republican leader would take action that will make gas more costly, Mr. Johnston said. Former U.S. commerce secretary Wilbur Ross recently told CBC that Mr. Trump is likely to carve out exemptions for sectors such as Canadian oil and gas. Mr. Johnston added there could be a situation where Canada sees a boon from Mr. Trump's tariffs. If Mr. Trump puts those fees on all oil imports except Canada "that is actually a net good thing for Canadian exports."

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