U.S. oil majors and investors double down on Canada as Trump’s trade push stalls
Major American oil firms and asset managers are increasing investments in Canadian energy infrastructure despite President Donald Trump’s recent anti-Canada rhetoric.
A group of leading U.S. oil companies and large investment firms, including ExxonMobil Holdings Corp., ConocoPhillips, KKR & Co. Inc. and Apollo Global Management Inc., are actively investing in Canadian energy infrastructure, indicating a long-term view of the bilateral market. This move runs counter to President Donald Trump’s recent Truth Social message that he does not want “Canadian anything.” At the same time, the administration has reversed a year-long stance by removing tariffs on beef imports, a shift that follows legal disputes over other tariffs.
Trade experts suggest that Trump’s broader effort to pressure Canada is losing traction as industry leaders pursue their own strategic interests. The situation highlights a growing disconnect between the president’s trade rhetoric and the actions of major U.S. economic actors.
Why it matters
It shows how U.S. business decisions can undermine political trade tactics, affecting North American energy and agricultural markets.
How this story developed
- Aug 22 Trump slaps 50% tariffs on Canadian imports, Canada vows matching retaliation
- Aug 24 Trump posted that a half‑percent tariff on Canadian vehicles, components and steel will begin next year.
- Aug 25 Canada announced a domestic loan and benefit package while the United States moved to impose 50% tariffs on Canadian auto goods.
- Aug 25 Canada is preparing a counter‑tariff schedule to be unveiled in early September.
- Aug 25 Canada announced retaliatory tariffs to begin on Sept 8.
- Aug 26 President Trump posted a proposal to rename Lake Ontario.
- Aug 26 Retailers have begun removing U.S. wines and spirits from shelves as part of the boycott campaign.
- Aug 27 The United States began reviewing possible bans on Canadian imports under Section 338.
- Aug 28 Canada announced that its retaliatory duties will take effect on September 8.
- Aug 29 Canada set a 25% levy on certain American vehicles and matched the U.S. 50% level on steel and aluminium, also targeting plywood, screws and other timber items.
- Aug 30 Donald Trump posted an AI-generated clip showing himself swapping a Lake Ontario sign for a "Lake America" banner, while tensions over his tariffs on Canada continue.
- Aug 31 Trump urged Canadian firms to relocate to the United States and labeled Canadian leadership the worst he has encountered.
- Aug 31 Trump warned the duty on Canadian automobiles will rise to 50% on Jan. 1 and offered tariff relief to firms that relocate to the United States.
- Aug 31 Mark Carney described the dispute as an attack and said Canada must respond as if at war.
In this story
Related stories
14 in this thread