Canada Rules Out Using Oil Exports as Leverage in Trade Talks

Canada has ruled out using its oil exports as leverage in trade talks with the US. Prime Minister Mark Carney stated that Ottawa does not see the value in this strategy, emphasizing Canada's reputation for trust and reliability.

Carney made these remarks during a trip to Alberta, where Canadian oil accounts for nearly 60% of US crude oil imports, according to the US Energy Information Administration (EIA).

The two countries are racing against the clock to reach an agreement before new tariffs take effect on August 19. Canada wants to avoid the additional 50% tariff imposed by President Donald Trump on various Canadian products, including wine, hockey sticks, and cement.