Canada oil not leverage in US tariff talks, Carney says

Prime Minister Mark Carney said he does not want to use Canadian oil as leverage in negotiations with the United States over new tariffs on Canadian products.

Speaking during a trip to Alberta on Wednesday, Carney said he did not “see the value” in threatening supply of a key commodity. Canadian oil, drawn mainly from Alberta's oil sands, accounts for nearly 60% of US crude oil imports, according to the US Energy Information Administration.

US President Donald Trump signed an order last week imposing an additional 50% tariff on Canadian products including wine, hockey sticks and cement. The measures are due to take effect on August 19 and extend to products entering the US under the USMCA trade agreement.

Washington has excluded sectors considered essential, including energy, fishery products and critical minerals. Canada sent Trade Relations Minister Dominic LeBlanc to meet White House Trade Representative Jamieson Greer on Wednesday as it seeks a deal to avoid the new tariffs.

Carney declined to describe possible Canadian retaliation if the tariffs take effect, saying Canada was trying to find “a mutually beneficial solution.”