“CAPP and its member companies are deeply disappointed in the U.S. Administration’s decision to impose across the board tariffs on Canadian goods. As Canadians we must now recognize the relationship with our closest friend, ally, and trading partner has fundamentally changed. In this moment, we must act with urgency to focus on the Canadian national interest. Without greater global market reach and energy security, Canada has little leverage in our trade relationship with the United States.
North American and global oil and natural markets are complex which make it difficult to predict how the application of a 10 percent tariff on Canadian oil and natural gas will impact supply, demand and trade patterns. What we do know is that our greatest competitive advantage through economic cycles is our energy advantage. Canadian oil and natural gas producers have demonstrated they are innovative and resilient and will find the best ways to mitigate the impact of tariffs and realign themselves to thrive in a dynamic global market.
Canada urgently needs a policy overhaul to create a streamlined and durable regulatory framework that allows projects with viable markets and motivated investors to succeed. Strengthening market access and trade relationships is critical to economic growth. Diversifying exports beyond North America into Asian and European markets will promote long-term stability. At home, securing Ontario and Quebec’s energy supply must be a national priority.
We are at a significant moment in Canada’s history – we need to seize this moment. The choices we make today will determine whether we become a global energy leader or continue to fall behind. With decisive leadership, smart reforms, and a renewed commitment to investment, we can unlock the full potential of our natural resources, support our partners and make new ones, create jobs, and build a more prosperous and resilient economy for Canadians.”
– Lisa Baiton, President and CEO, CAPP