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US border tax would hurt both economies: Canadian PM

- 'Anything that creates impediments on the border is something that we are concerned with,' Trudeau says

home > Finance, Regulation, Projects, Oil, Energy Diplomacy, International Relations 10.03.2017 10:36 Ebru Şengül

US border tax would hurt both economies: Canadian PM

A border adjustment tax the U.S. administration is considering to implement would hurt the economies of the U.S. and Canada, Canadian Prime Minister Justin Trudeau said Thursday.

Trudeau highlighted the strong interconnection between the two economies, and said in his speech at the IHS CERAWeek 2017 energy conference in Houston that '... anything that creates impediments on the border -- tariffs, new taxes -- is something that we are concerned with.'

The prime minister said if taxes are laid on each of the items that travel back and forth across the two countries' borders, then 'you're going to be hurting not just the Canadian economy but the American economy as well.'

'We believe in trade that is free and fair. Canada and the U.S. are making sure that we are not unduly limiting our capacity to amplify each other's success,' he said.

'You can applaud against the border adjustment tax,' he said to cheers from international executives of energy companies in the audience.

A border adjustment tax would force American companies to import their goods more expensively, and shift the trade towards domestic suppliers -- a move the U.S. President Donald Trump wants to revitalize for American manufacturing.

American companies, however, may have to pay higher prices to find new manufacturers, or pay higher taxes to continue buying from Canada. Both, however, would mean higher sales price for American consumers and fewer exports for Canadian industries.

- Canada is top customer of two thirds of U.S. states

Trudeau said the flow of goods back and forth across the two countries' border is worth around $2.5 billion daily.

'Last year alone, Texas trade with Canada was worth $35.1 billion. Texas exports to Canada were worth nearly $20 billion. Imports from Canada were $15 billion. That translates into thousands of good, Texan jobs, my friends. By our reckoning, about 460,000,' he said.

'Canada buys more from the U.S. than any other country does. We are the number one customer of two thirds of U.S. states -- and in the top three for 48 states,' he noted.

- Canada provides more than 40 percent of U.S. crude imports

Trudeau explained that apart from the strong economic ties between Canada and the U.S., the two countries also share common energy strategies.

'Nothing is more essential to the U.S. economy than access to a secure, reliable source of energy. Canada is that source. We have the third largest oil reserves in the world, and provide more than 40 percent of America’s imported crude. And this extends beyond oil. We supply you with more electricity and uranium than any other country,' he said.

'No country would find 173 billion barrels of oil and just leave it in the ground,' he said, adding that he hopes to connect Canada’s oil resources to global energy markets.

The prime minister cited the three new pipeline projects that would increase energy interconnection between the two countries.

Kinder Morgan’s Trans Mountain line is the first, which will run from Canadian state Alberta, across the U.S. Rockies to the Pacific. The second is the TransCanada’s Keystone XL pipeline, which was approved by Trump in late January to send Canadian crude to refineries in the U.S.' Gulf Coast. And, the third is Enbridge’s Line 3 replacement that will run from Alberta to the U.S.' state of Wisconsin.  

Development of energy resources for economic growth should not come at the expense of the environment, he said, underlining that the two can, and should, be achieved at the same time.

'In the 21st century, Canadians will not accept that we have to choose between a healthy planet and a strong economy. People want both. And they can have both,' he said.

To stress his point, the prime minister explained that when Canadians go camping, 'they light campfires before the sun goes down. That doesn’t make them anti-daylight!'

'It’s a bit the same with energy. Innovating and pursuing renewables isn’t somehow in competition with more traditional resources. It’s common sense. It’s wise preparation for the future,' he said.

Trudeau contended that they could not have made progress on their pipeline projects if they had not acted on climate issues.

'We are showing that environmental leadership and economic growth are inseparable. That they must go together,' he said.

The prime minister stated that his government has made progress on a national carbon-reduction plan that puts a price on carbon pollution.

'Canadian companies are leaders in developing technologies such as carbon capture, next-generation biofuels, advanced batteries for electric cars and cleaner oil-sands extraction processes, among other advances,' he noted.

By Ovunc Kutlu in Houston, Texas

Anadolu Agency

ovunc.kutlu@aa.com.tr

 

 

 

 


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10.05.2022 Renewable , Projects , International Relations , Turkey , Middle East-Africa

Spot market electricity prices for Monday, May 9

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.00 billion Turkish liras
09.05.2022 Electricity , Finance , Turkey

Spot market natural gas prices for Saturday, May 7

- 1,000 cubic meters of natural gas on spot market costs 11,505 Turkish liras
09.05.2022 Natural Gas , Finance

Turkiye's daily power consumption down 1.6% on May 7

- Electricity exports amount to 9,699 megawatt-hours and imports total 11,575 megawatt-hours
09.05.2022 Electricity , Finance , Turkey

Spot market natural gas prices for Thursday, May 5

- 1,000 cubic meters of natural gas on spot market costs 11,847 Turkish liras
06.05.2022 Natural Gas , Stock Market , Turkey , General

Equinor extends drilling and services contracts worth $2 billion

- Contract extension for drilling has estimated value of approximately NOK 14B ($1.48B) and will offer work to around 2,000
06.05.2022 Finance , Europe , General

Enough raw metals to produce 14M electric cars globally in 2023, study shows

- Even if raw material supplies tighten and remain below battery factory capacity, 21M battery electricity cars could still be produced by 2025
08.05.2022 Electricity , Projects , Europe

Spot market natural gas prices for Wednesday, May 4

- 1,000 cubic meters of natural gas on spot market costs 11,850 Turkish liras
05.05.2022 Electricity , Finance , Turkey

Turkiye's daily power consumption up 5.5% on May 4

- Electricity exports amount to 12,931 megawatt-hours and imports total 12,411 megawatt-hours
06.05.2022 Electricity , Finance , Turkey

High gas prices in 1Q22 reflected in Equinor's vast earnings

- War between Ukraine and Russia sends gas prices soaring in Europe
06.05.2022 Natural Gas , Finance , Europe , General

BHP sells coal company shares to Australian Stanmore for $1.35 billion

- Japanese Mitsui holds remaining 20% share in BHP Mitsui Coal company
04.05.2022 Coal , Invesments , International Relations , Europe

ExxonMobil to sell Romanian upstream affiliate for $1 billion+

- Romgaz gets all shares in ExxonMobil Exploration and Production Romania along with interest in Neptun natural gas block
05.05.2022 Natural Gas , Invesments , International Relations , Europe

Turkish firm exports artificial intelligence-based solar energy platform to five countries

- Solarify AI-based monitoring platform, developed through 100% in-house R&D studies, now in Ukraine, Greece, Senegal, Portugal, and Nepal
06.05.2022 Renewable , Invesments , Turkey

OMV sells filling stations in Germany for €485 million

- OMV targets achieving net zero by 2050
04.05.2022 Transportation/Fuel Oil , Projects , Invesments , Europe

Chevron launches new renewable fuel feedstocks joint venture

- Bunge to contribute soybean processing facilities while Chevron will contribute approximately $600 million in cash to joint venture
04.05.2022 Renewable , Invesments , Americas

bp to invest up to $22 billion in UK energy system by 2030

- Company has various projects in pipeline from oil and gas to renewable energy and hydrogen production facilities in UK
04.05.2022 Oil , Renewable , Invesments , Europe

Chevron posts $6.3 billion earnings for 1Q22

- Total revenues and other income of Chevron reach $54.37 billion for first quarter
02.05.2022 Natural Gas , Oil , Projects , Invesments , Americas

ExxonMobil 1Q22 earnings $3.4B lower due to Russia exit

- Total revenues and other income of company reach $90.50 billion in first-quarter
03.05.2022 Natural Gas , Oil , Invesments , Americas

Shell buys renewable energy company for $1.55 billion

- Company targets net-zero emissions by 2050
03.05.2022 Renewable , Invesments , Europe , Asia

Spot market electricity prices for Sunday, May 1

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 118.66 million Turkish liras
01.05.2022 Electricity , Finance , Turkey

Turkiye's daily power consumption down 2.05% on April 29

- Electricity exports amount to 11,467 megawatt-hours and imports total 11,605 megawatt-hours
01.05.2022 Electricity , Finance

US oil rig count up by 3 for week ending April 29

- Number of US oil rigs rise by 210 compared to one year ago
02.05.2022 Oil , Finance , Americas

Electricity and gas bill rise in EU households in 2H21

- Cheapest electricity and gas per 100 kilowatt-hours is in Hungary at €10.01 and €3.05, respectively
01.05.2022 Electricity , Finance , Europe

Shell and TotalEnergies buy shares in Brazil's Atapu oil and gas field

- Petrobras holds majority share at 52.5% while Shell and TotalEnergies have 25% and 22.5%, respectively
28.04.2022 Finance , International Relations , Europe , Americas

Spot market electricity prices for Thursday, April 28

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.09 billion Turkish liras
27.04.2022 Electricity , Finance , Turkey

Spot market natural gas prices for Tuesday, April 26

- 1,000 cubic meters of natural gas on spot market costs 11,948.16 Turkish liras
27.04.2022 Natural Gas , Finance

Turkiye's daily power consumption up 2.2% on April 26

- Electricity exports amount to 12,448 megawatt-hours and imports total 11,649 megawatt-hours
27.04.2022 Electricity , Finance , Turkey

Russia to halt gas supply to Poland, Bulgaria amid ‘ruble’ row

- Poland to become 1st country to be cut off from gas by Gazprom since start of Russia’s war on Ukraine
27.04.2022 Natural Gas , Finance , Eurasia

Construction underway on Centrica's first solar farm

- Centrica plans to deliver 900 megawatts of solar and battery storage by 2026
27.04.2022 Solar , Invesments , Europe

Iberdrola starts construction of Baltic Eagle offshore wind farm

- Iberdrola expects to have 12,000 MW of offshore wind energy in operation by 2030
27.04.2022 Wind , Invesments , Europe

Spot market natural gas prices for Sunday, April 24

- 1,000 cubic meters of natural gas on spot market costs 11,977.58 Turkish liras
25.04.2022 Natural Gas , Finance , Turkey , General

UK to make gas payments to Gazprombank under license valid until May 31

- Country buys less than 4% of its natural gas from Russia
22.04.2022 Natural Gas , Invesments , Europe , Eurasia

Revenue of Australian LNG company Santos up 99% in 1Q22

- Revenue increase due to stronger commodity prices combined with higher sales volumes
23.04.2022 Natural Gas , Finance , Lng/Lpg , General

Hyundai Motor Group to expand battery EVs by 2030

- Company wins series of accolades at World Car Awards with its battery electric vehicle Hyundai IONIQ 5
21.04.2022 Renewable , Invesments , Asia

Baker Hughes acquires firm to advance next-generation carbon capture tech.

- Investments in developing carbon capture and removal technologies necessary to meet climate goals
21.04.2022 Invesments , Renewable , Americas

Turkiye's largest copper mine tender receives 2.20B liras in winning bid

- Port Madencilik Ticaret AS wins bid to build a facility to produce end and by-products of copper
22.04.2022 Coal , Invesments , Turkey

European EV charge producer Wallbox inaugurates new factory in Barcelona

- Company invests €9 million in facility that hopes to manufacture over 750,000 chargers per year
21.04.2022 Renewable , Invesments , Europe

Volvo Cars invests in extreme-fast-charging battery developer StoreDot

- Volvo Cars is the first premium car maker to invest in StoreDot
21.04.2022 Electricity , Finance , Europe , General

Spot market electricity prices for Wednesday, April 20

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1.20 billion Turkish liras
19.04.2022 Electricity , Finance , Turkey

Spot market natural gas prices for Monday, April 18

- 1,000 cubic meters of natural gas on spot market costs 11,955.92 Turkish liras
19.04.2022 Natural Gas , Finance , General

EBRD launches €500M financing facility to support green transition in Turkiye

- Facility is in response to Turkiye's ambitious new climate targets that require sharp increases in green investments, bank official says
20.04.2022 Finance , Turkey

Turkiye's daily power consumption up 11% on April 18

- Electricity exports amount to 5,749 megawatt-hours and imports total 10,892 megawatt-hours
20.04.2022 Finance , Turkey , General

Europe's biggest solar power plant in Turkiye to meet power needs of 2M

- When fully operational, Karapinar solar power plant will have 1,350 megawatt capacity
19.04.2022 Finance , Solar , Turkey

Spot market electricity prices for Monday, April 18

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 1,084 billion Turkish liras
18.04.2022 Electricity , Finance , Renewable

Spot market natural gas prices for Saturday, April 16

- 1,000 cubic meters of natural gas on spot market costs 11,942.09 Turkish liras
18.04.2022 Natural Gas , Finance

Turkiye's daily power consumption down 4.3% on April 16

- Electricity exports amount to 12,695 megawatt-hours and imports total 14,878 megawatt-hours
18.04.2022 Electricity , Finance

EBRD to loan Turkish bank $58M for low-carbon economy investments

- Investment to promote Turkiye's transition to sustainable, low-carbon, climate-resilient economy, says European lender
18.04.2022 Invesments , International Relations , Turkey , Europe

Int. Energy Agency cuts global gas demand outlook by 50B cubic meters due to war

- Natural gas consumption this year is expected to fall by close to 6% in Europe, latest report shows
16.04.2022 Oil , Finance , International Organization

Global renewable energy installed capacity rises 9% in 2021

- Hydropower accounts for largest share of the total 3,064 gigawatts of global renewable generation
14.04.2022 Finance , Renewable

WTO lowers trade, growth estimates amid rise in commodity prices, Russia-Ukraine war

- Russia-Ukraine war, lockdowns in China again disrupt global trade, organization says
13.04.2022 Finance

Clean energy spending accounts for only 4% of global economic stimulus packages

- Sustainable recovery spending in recovery packages is 40% above expenditure levels after 2008 global financial crisis, IEA latest data shows
13.04.2022 Wind , Solar , Invesments

Gazprom's natural gas exports decrease by %27 in 1Q22

- Gazprom's natural gas production in the first three months of the year did not change compared to the same period of the previous year
02.04.2022 Natural Gas , Finance , General

Rubles for gas switch will take time: Kremlin

- Russia will not immediately demand that buyers pay for its gas exports in roubles, says Peskov
31.03.2022 Natural Gas , Finance , Europe , Eurasia , General

Gas prices in Europe rise 13% after Germany announces emergency plan

- Germany activates 'early warning' gas plan amid tensions with Russia
31.03.2022 Natural Gas , Finance , Europe , General

Spot market electricity prices for Wednesday, March 30

- Energy Exchange Istanbul (EXIST) data shows electricity market trade amounts to 550.49 million Turkish liras
29.03.2022 Electricity , Finance , Invesments

Spot market natural gas prices for Monday, March 28

- 1,000 cubic meters of natural gas on spot market costs 9,756.97 Turkish liras
29.03.2022 Natural Gas , Finance

Turkiye's daily power consumption up 14.7% on March 28

- Electricity exports amount to 14,290 megawatt-hours and imports total 13,342 megawatt-hours
29.03.2022 Electricity , Finance

Looking to replace Russia, Europe doesn't use LNG terminals at full capacity

- Last year, 380 million tons of LNG traded in the global market. About 80 million tons of this is purchased by Europe
29.03.2022 Natural Gas , Finance , Lng/Lpg , Energy Diplomacy , Europe , Eurasia , General

Nickel-free tech could boost EV uptake due to surging nickel costs

- Shift towards lithium-iron-phosphate (LFP) already happening, analyst Alexandra Gerken says
29.03.2022 Invesments , Stock Market , World , Eurasia

bp to invest £1 billion in UK EV charging infrastructure

- Investment to allow bp to triple number of public charging points in its UK network
25.03.2022 Renewable , Invesments , Europe

Turkish solar plant on Galatasaray sports complex roof receives Guinness World Records title

- Solar plant installed on roof of Ali Sami Yen Sports Complex goes down in history as world's "most powerful solar power output from a sports stadium"
25.03.2022 Renewable , Solar , Invesments , Turkey

Gas prices in Europe rise 22% after Putin's plan to use rubles in gas trade

- Prices rise following comments by German Chancellor Scholz on threat of further measures on Russia and Putin's plan to switch to rubles for gas trade
24.03.2022 Natural Gas , Finance , Europe , Eurasia , General
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