His tariff talk, which started before the inauguration, has already had an impact on some oil stocks. Canada is the largest foreign source of U.S. crude, accounting for 60% of U.S. imports since 2020,

Oil futures headed lower Tuesday as traders weighed President Donald Trump’s vow to boost already record U.S. crude output against the threat of a steep tariff on Canadian imports and a call to replenish the Strategic Petroleum Reserve.

President Donald Trump’s repeated threats to slap steep tariffs on Canada and other friendly nations have left Toronto with some of the world’s worst-performing oil and gas stocks.

Oil prices fell on Tuesday after U.S. President Donald Trump declared a national energy emergency on his first day in office, raising concerns of higher U.S. output in a market widely expected to be oversupplied this year.