The US is set to impose tariffs on Canada and Mexico, with Commerce Secretary indicating that the rates could be lower than the previously anticipated 25%. As the situation remains fluid, President Trump is preparing to announce the exact tariff levels, expected to take effect on a forthcoming Tuesday. Concerns have been raised by economists about the potential ramifications of these tariffs, alongside worries for U.S. oil and gas companies. In response, Canadian Prime Minister Justin Trudeau has vowed immediate and strong countermeasures, as industry leaders in Canada strategize on how to navigate the impending trade challenges. The tariffs come amid a broader focus on trade issues, with additional tariffs on China also in the pipeline.