Oil and gas leaders have been waiting for weeks to see if energy would get swept up into a tariff storm between Canada and the United States, with levies potentially applied by both countries to their products.

That outcome was avoided, temporarily, as the new Trump administration signalled Monday it will study trade and possible tariffs on Canada and Mexico, but didn’t immediately proceed with previous threats by the president to impose a 25 per cent levy on all goods imported from its North American neighbours.

For Canadian business leaders, it provided some respite after mounting speculation that stiff tariffs would be placed on all Canadian products — including energy, the country’s biggest export product — or the possibility Ottawa would retaliate by adopting its own levy and even restricting energy flows to the United States.

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“l am probably (feeling) a little better today than I was over the last couple of weeks when the rhetoric on both sides was certainly increasing,” said Kevin Neveu, CEO of Precision Drilling, which drills for oil and gas in both countries.

“But we’re not completely out of the woods yet.”

However, on Monday evening, Trump told reporters........

© Calgary Herald