Even EU Shocked By Canada’s Bold Move to Replace the U.S. With EU in Oil Export! – YouTube Dictation Transcript & Vocabulary

1.Canada a giant energy treasure spread across the vast lands of North America with its oil natural gas and minerals it was like a safety cushion for the United States economy Canada will'll see what happens with Canada but the people of Canada would be paying less than half of the tax am I going to impose tariffs on the European Union absolutely recently when US president Donald Trump imposed and then suspended tariffs on all Canadian products but lately things have been changing Washington's protectionist tariffs have pushed Canada to set its sights on European and Asian markets so what does this shift mean for the United States could America's Global balance of power be shaken if it loses its largest energy supplier adjacent to its border Canada's new commodity packs with the European Union and Asia are a lightning bolt on the global trade scene if lowcost heavy oil abundant natural gas and critical minerals now flow into European ports or Asian refineries instead of the United States could Washington's development jobs and strategic energy card be weakened or is the Canada United States relationship still indispensable with answers to these questions we will explore the global implications of Canada's energy Revolution Global energy markets have witnessed significant changes in recent years Canada with its Rich oil and natural gas reserves is at the center of these changes energy trade especially with the United States is critical to the economies of both countries tariffs and it seems like that's moving along very rapidly we've been mistreated very badly by many countries not just Canada and Mexico after a one-month Hiatus United States President Donald Trump has announced that he will impose a 25% tariff on Canadian Goods next week this is prompting Canada to look to the European Union and Asian markets to diversify its energy exports Canada is the largest source of United States energy Imports and the second largest destination for United States energy exports behind Mexico energy is an important component of trade between Canada and the United States although the United States is the world's largest producer of oil and gas it increasingly relies on its northern neighbor to supply much needed heavy crude oil to refineries and keep power flowing to households and Industry in fact the growth in Canadian Imports is a key factor reducing America's dependence on OPEC countries as the country accounts for more than 50% of United States oil imports meanwhile almost all natural gas coming into the United States comes from Canada which is also America's primary supplier of electricity and important minerals such as uranium this makes Canada an indispensable partner for United United States energy security and price stability so why is Canada turning to the European Union and Asian markets president Trump's threat of 25% tariffs on Canadian Imports and 10% on Canadian Oil has upended one of the world's closest and largest free trade zones Canadian politicians have expressed surprise at the sudden hostile stance from Washington but at the same time it has sparked greater interest in Canada to connect with the rest of the world as part of its trade diversification strategy Canada aims to increase its non-united states exports by 50% by 2025 in this context the European Union and Asian markets offer great potential for Canada the European Union is one of the world's largest economies and Canada's second largest trading partner the Canada European Union comprehensive economic and Trade Agreement CA offers Canadian businesses preferential access to the European Union and excellent opportunities for growth in the European Union Canada's wide- ranging trade agreement with the European Union offers what observers say is the best opportunity for Canadian businesses to reduce their dependence on the United States Market the comprehensive economic and trade agreement was signed in 2016 by prime minister Justin Trudeau and European Union officials a year later it came to provisional application for full ratification which is still pending the agreement eliminated tariffs on almost all Goods moving across the Atlantic it also covers many services and seeks to harmonize regulations through regular consultations Canadian and European companies can bid for contracts at all levels of government in Canada and the European Union's 27 member states opening a potential Market worth 3.3 trillion doll to Canadian businesses part of the problem is that the agreement faces opposition in parts of Europe which has delayed its ratification as some parts fall under national jurisdiction CA must be ratified by every European Union member state so far 10 countries including Italy Ireland and Poland have yet to sign complaints about the agreement differ in each country some critics argue that ca's dispute settlement mechanism gives too much power to corporations others are concerned about the erosion of national sovereignty lack food safety standards and the inclusion of local agricultural products in the agreement apathy also played a role with some national parliaments not seeing ratification as a priority brexit has been another complicating Factor the United Kingdom was a key proponent of CA and was among the first European Union countries to ratify the agreement now that the United Kingdom is out of the block Canada and the United Kingdom have agreed to temporarily abide by the terms of CA until a bilateral Trade Agreement is in place given United States President Donald Trump's threats of a trade War Canada and the European Union are said to need to redouble their efforts to finalize the deal and encourage more businesses to make the most of it so what would it mean for the United States if Canada's energy exports were to turn to the European Union and Asian markets it could bring some disadvantages for the United States first the privileged position of the United States in terms of affordable and reliable energy supplies could weaken this could lead to higher energy costs and uncertainty in energy Supply security moreover Canada's diversification into different markets could also reduce the bargaining power of the United States in energy trade Canada's efforts to diversify its energy exports have led to new commodity agreements with the United States and other countries so how can Canada strike a new commodity deal with the United States and others United States tariffs looming over the Canadian economy require an urgent strong and strategic response Canada must show Washington that America's path to energy and economic security depends on Canada a focus on key Commodities can support a broader Canadian industrial Revival that boosts Canadian GDP stimulates technical Innovation attracts foreign and domestic investment in a variety of key areas increases productivity and accelerates investment in domestic resources this would make us indispensable to United States interests and an important pillar of its economic and energy strategy a focus on specific Commodities could also lead to a Renaissance in Canada's manufacturing and ancillary services and ensure that sound Canadian sustainability policies such as methane capture and conservation Advance emission reductions along the value chain in other words a resourc driven economic strategy need not be a strip and ship straty there is also a broader imperative Geographic diversification the 25% tariffs imposed by the United States on All Steel and aluminum imports from Canada and other countries underscore the urgency of finding new markets resource expansion would further drisk large-scale commodity projects and increase Canadian exports of Agriculture materials and energy to Asia and Europe over time this could open the door to more trade with many of the world's largest and fastest growing countries Washington already recognizes Canada's resource strength the decision to impose a 10% tariff on Canadian energy compared to 25% on other Commodities was a TD acknowledgement by the United States of the Strategic importance of resources to American interests so how does Canadian Oil and Gas support United States domestic and foreign energy strategies Canadian exports of oil gas and electricity strengthen United States energy reserves lower consumer costs and support America's goals of expanding International Energy exports to Global allies the Deep north south integration of the North American Energy infrastructure means that efforts to diversify away from Canada would be costly and timec consuming despite being a net exporter of oil and natural gas the United States wants to help Europe and Allied Asian countries reduce their dependence on less friendly energy sources while me its growing domestic demand American reserves are plentiful but energy intensive data centers to power artificial intelligence and other Technologies are straining capacity stable Canadian energy production can contribute to United States Supply through integrated pipelines and grids this would give the United States a cushion to export oil and natural gas to Global allies without raising prices at the pump for domestic consumers Canadian Oil could halt United States efforts to become the deao global swing oil supplier Canada's share of United States crude oil imports has increased significantly and represents 24% of United States oil consumption crossb pipelines deliver heavy crude oil directly to United States refineries specifically designed to process it for these refineries especially those in the midwest moving away from Canadian heavy crude would expose them to high reforming costs or make them dependent on alternative sources such as Venezuela or the Middle East exposing them to geopolitical risks recently the expansion of the Trans Mountain pipeline has nearly tripled Canada's capacity to ship oil to Tidewater markets enabling Canada's oil to play a role in supporting Global allies like South Korea and Japan Canadian natural gas can help America ensure abundant domestic supplies and free up space for exports to allies in Europe and Asia according to the United States Energy Information Association higher United States natural gas demand is expected to outpace supply growth over the next 2 years in addition demand from data centers and production restructuring could further strain natural gas power generation Canadian natural gas is well positioned to meet Supply gaps and already accounts for 9% of total United States natural gas consumption and has the capacity to expand further Canada is also poised to become a major liquefied natural gas supplier and is uniquely positioned to export energy to strategic Asian allies with six West Coast LNG projects proposed and under construction including LNG Canada phase one on coming online this year Canada is estimated to have a total export capacity of 6.26 billion cubic feet per day this proposed capacity would put Canada among the top five Global LG export at current levels so what role does Canada play in the United States Energy Future lowcost and clean Canadian electricity can power many United States Endeavors including artificial intelligence Advanced manufacturing and high-tech products although the United States generates most of its own electricity Canadian sources keep the lights on and costs low in many United States states new projects such as Hydro Quebec's hurtle New York power line aim to Prov provide 20% of New York City's electricity needs further boosting electricity exports and saving residents an estimated 17 billion in electricity costs over the next three decades with more than 30 crossborder transmission lines connecting Canadian provinces to United States states Canada is crucial for ensuring crossborder grid security and is a potential source of incremental generation for example the rapid growth of AI technology a United States strategic priority is expected to drive a sharp increase in electricity consumption from United States data centers which are estimated to account for 12% of total United States consumption by 2028 compared to 4.4% in 2023 Canada's strategic move could be more than just an economic choice it could be a step that could change the geopolitical balance so what will change in terms of Global energy security according to this new equation we look forward to your comments thank you for watching us