Implications Of Tariffs On The Energy And Infrastructure Industry

On April 2, 2025, President Trump signed the "Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits" Executive Order (the EO), thereby imposing sweeping tariffs on imports to the United States. The EO places, with some exemptions, a baseline 10% reciprocal tariff on all imports, effective April 5, as well as additional country-specific tariff rates for nearly 60 countries, effective April 9. Notably, the EO exempts potash and "energy and energy products" from Mexico and Canada from the increased tariff rates, including crude oil, natural gas, lease condensates, natural gas liquids, refined petroleum products, uranium, coal, biofuels, geothermal heat, the kinetic movement of flowing water, and critical minerals.