Worried About Tariffs on Canadian Energy? How It Might Impact You

Cars and agricultural products aren't the only goods the Trump administration is targeting with tariffs. As part of the package of tariffs announced on March 5, the US slapped a 10% tariff on Canadian energy in addition to 25% tariffs on nearly all goods imported from Canada and Mexico. Although some of these, such as the 25% on car makers, are temporarily exempted, the situation continues to change by the day, if not the hour. Currently, tariffs on nearly all Mexican products are suspended again until April 2. On paper, the US imports only about 1% of its power needs but the Northeast grid is significantly intertwined with the Canadian energy market. "Some American states might see energy costs rise rapidly, while others might experience a delayed effect over several weeks," said Javier Palomarez, founder and CEO of the United States Hispanic Business Council. Ontario Premier Doug Ford is preparing to tax electricity transmission to the US, which could also increase costs in the Nor ... Read full article.