Trump’s Oil Tariffs Could Cost Foreign Producers $10 Billion Annually

Goldman Sachs has provided estimates that a proposed 10% U.S. oil tariff could cost foreign producers $10 billion per year, with Canadian and Latin American heavy crude producers heavily reliant on U.S. refiners due to limited alternative buyers and processing capabilities. Trump plans to impose a 25% tariff on Mexican crude and a 10% levy on Canadian crude starting in March.

However, Goldman Sachs has predicted that the U.S. will remain the primary destination for heavy crude thanks to advanced refining capabilities and low costs. However, Goldman…