08:17 AM EST, 11/11/2024 (MT Newswires) -- President-Elect Donald Trump will follow through on his plans to hit imports with tariffs but is likely to carve out exemptions for sectors such as Canadian oil and gas, former US Commerce Secretary Wilbur Ross said, Bloomberg reported over the weekend.

It noted Canada is the largest external supplier of energy to the US, reaching nearly $160 billion in 2022, most of which is crude oil, petroleum products or natural gas.

"We import a lot of energy from Canada. I can't imagine that the president would want to tax that, because all it would do would be to raise our costs and not help anything with more American jobs," Ross told the Canadian Broadcasting Corp. "So I think it's easy to have the fears be overblown."

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