Canada Rules Out Using Oil as Leverage in Trade Talks

Mark Carney, Prime Minister of Canada, has stated that his country will not use its oil as leverage in trade talks with the US. Despite Canadian oil accounting for nearly 60% of US crude oil imports, according to the US Energy Information Administration (EIA), Carney emphasized that 'Canadians can be trusted' and that using the country's oil as a pressure tactic is not a viable strategy.

Carney made these comments during a trip to Alberta, where Canadian oil is mainly drawn from. The province's oil sands are a significant source of crude oil for the US, but Carney dismissed the idea of using this commodity as a bargaining chip in trade negotiations.

The US has recently imposed new tariffs on Canadian products, including wine, hockey sticks, and cement. These tariffs are set to take effect on August 19 and have been met with resistance from Canada. Carney emphasized that his country is focused on finding a mutually beneficial solution through ongoing negotiations.