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CANADA: Trudeau To Chair Canada-US Relations Council Meeting Amid Tariff Threats

CANADA
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Prime Minister Justin Trudeau will chair a meeting of the newly-formed Canada-US relations council today (no timing available yet). Trudeau announced the creation of the council on 16 Jan, with the PM's office saying "The council will use sectoral expertise to support the prime minister and cabinet at this important time in the Canada-US relationship." Formed of 18 members, the council includes former provincial premiers, ambassadors, trade negotiators, and reps from the autos sector, nuclear power, and organised labour.

  • The meeting comes at a time of high political tension, with US President Donald Trump re-stating on 30 Jan his intention to impose 25% tariffs on Canadian (and Mexican) imports from 1 Feb. Speaking in the Oval Office, Trump indicated he had not made a decision yet on whether oil would come under tariffs, saying 'Oil is going to have nothing to do with it as far as I’m concerned' adding that it would depend on the actions of both countries and their pricing of oil.
  • Indeed, WSJ reported late on 30 Jan that US administration officials are looking at whether more targeted measures are possible rather than a blanket tariff.

  • Speaking to the FT, Foreign Minister Melanie Joly said tariffs on Canadian oil would push the US to purchase Venezuelan oil. Joly: “We ship oil at a discount which is, ultimately, refined in Texas. If it’s not us, it is Venezuela. There’s no other option on the table, and this administration doesn’t want to work with Venezuela,”

     

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Prime Minister Justin Trudeau will chair a meeting of the newly-formed Canada-US relations council today (no timing available yet). Trudeau announced the creation of the council on 16 Jan, with the PM's office saying "The council will use sectoral expertise to support the prime minister and cabinet at this important time in the Canada-US relationship." Formed of 18 members, the council includes former provincial premiers, ambassadors, trade negotiators, and reps from the autos sector, nuclear power, and organised labour.

  • The meeting comes at a time of high political tension, with US President Donald Trump re-stating on 30 Jan his intention to impose 25% tariffs on Canadian (and Mexican) imports from 1 Feb. Speaking in the Oval Office, Trump indicated he had not made a decision yet on whether oil would come under tariffs, saying 'Oil is going to have nothing to do with it as far as I’m concerned' adding that it would depend on the actions of both countries and their pricing of oil.
  • Indeed, WSJ reported late on 30 Jan that US administration officials are looking at whether more targeted measures are possible rather than a blanket tariff.

  • Speaking to the FT, Foreign Minister Melanie Joly said tariffs on Canadian oil would push the US to purchase Venezuelan oil. Joly: “We ship oil at a discount which is, ultimately, refined in Texas. If it’s not us, it is Venezuela. There’s no other option on the table, and this administration doesn’t want to work with Venezuela,”