The 10 percent tariff the president said he might impose in March could cause U.S. refineries to cut production and lead to higher prices.

McKercher said the language used by Trump in his tariff directive “gives the game away.” Essentially, by proposing 25 per cent tariffs on Canadian goods, except energy which was set at 10 per cent, Trump is revealing the country’s dependency on cheap Canadian energy and a concern about prices rising too high for Americans.

President Trump’s tariff on Canadian oil is expected to raise prices at the pump for U.S. consumers, if it takes effect as planned after a 30-day delay. Analysts told The Hill that the 10 percent

Oil prices diverged at settlement on Tuesday amid tariff drama between Washington and Beijing, and after U.S. President Donald Trump restored his "maximum pressure" campaign on Iran, in a bid to drive Iranian oil exports to zero,