Trump’s Steel Tariffs Are a ‘Troubling’ Sign for Canada’s Oil Industry
- New duties expected to increase costs for pipelines, equipment
- Companies are still assessing actions’ potential impacts
A crane places a roll of coiled steel on the floor at a steel plant in Hamilton, Ontario, Canada.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
The threat of American tariffs on Canadian steel sent shivers through the northern nation’s oil industry, sparking fears of higher costs for everything from pipelines to drilling equipment.
U.S. President Donald Trump’s 25 percent levies on foreign steel and 10 percent duties on imported aluminum are a “troubling development” that will require close attention, said Nick Schultz, vice president of pipeline regulation and general counsel for the Canadian Association of Petroleum Producers.