At CERAWeek by S&P Global, regional energy ministers from across Canada expressed frustration with President Donald Trump’s morning announcement that he would increase tariffs on Canadian steel and aluminum to 50 percent. Trump had already placed a 25 percent tariff on Canadian goods, except for a lower 10 percent tariff on energy resources.

Jonathan Wilkinson, Canada's Minister of Energy and Natural Resources, says he is concerned about the impact of steel and aluminum tariffs on the economy. He says tariffs will hurt the US and Canada.

Steady and secure oil imports from Canada have helped turn the U.S. into the world’s largest energy exporter. But President Donald Trump’s tariffs are prompting Canada to diversify and send more of its oil elsewhere.

Canadian steel and aluminum will not be subjected to 50 percent tariffs, as reported by the White House on Tuesday. Washington had threatened to raise tariffs after Ontario's authorities announced an increase in tariffs on electricity supply for U.