Will Trump’s Tariffs Boost Tanker Rates?

March 7th 2025:Tariffs on crude oil and products can change trade flows Over the last six weeks, U.S. President Trump has imposed and postponed tariffs on Canada and Mexico several times. The current situation seems to reflect something of a compromise. Tariffs are in place, but they will not apply to goods covered by the North American trade agreement known as USMCA. Crude oil and refined products are covered under the USMCA, so provided the energy companies file the appropriate paperwork, they should be able to meet the certification requirements necessary to ensure relief from the 10% and 25% levies on crude oil and refined products from Canada and Mexico respectively. Despite this temporary (until April 2nd) reprieve, the energy industry remains on edge. In this week’s Tanker Opinion, we discuss the potential implications for crude oil and refined product trade flows around North America in the event that energy from Canada and Mexico will be subject to tariffs. Please fill in below form to continue read.