Forex
Trump's 'Canada Doesn't Need Us' Claim Challenged by US Economy
US President Donald Trump's claim that his country doesn't need Canada is contradicted by the significant amount of Canadian crude oil, aluminum, potash, and auto parts flowing into the US every day.
About 4 million barrels of Canadian crude oil flow south to fuel American cars, trucks, airplanes, and industries, with Canada being the second-largest trading partner after Mexico.
The two countries exchanged around $872 billion in goods and services last year, with energy making up nearly 20% of total US petroleum consumption.
Canada's Premier Danielle Smith rejected using oil as a weapon in trade negotiations, stating it could devastate Canada's economy.