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The recent tariffs imposed by the Trump administration mark a significant shift in U.S. trade policy that is expected to have a wide-ranging impact across multiple sectors, including in the energy sector.

For more than twenty years, the North American Free Trade Agreement (“NAFTA”), and later, the United States‑Mexico-Canada Agreement (“USMCA”), have facilitated cross-border trade and investment among the United States, Mexico, and Canada through the elimination of virtually all financial barriers to trade.