Canadian Crude Becomes a Bargain for China as US Tariffs Bite

President Donald Trump’s threatened tariffs on the United States' two largest trade partners—Canada and Mexico—have become a reality. Canadian imports will now face a 25% tariff, while Mexico has secured a 30-day pause. Even with a reduced tariff on Canadian crude, the added costs will make refining feedstocks more expensive for U.S. refiners, giving their European and Asian competitors a competitive edge. Trump has picked tariffs as his favored trade policy weapon to balance a trade deficit the U.S. is running with the European…