Time will tell on what plays out in Venezuela, but the implications for Canada are clear - prepare for the worst case scenario and hope for the best case.
Key Takeaways:
- Canada should prepare for potential US replacement of Canadian heavy oil with Venezuelan oil following the removal of Maduro, as Trump has repeatedly stated he doesn't need Canadian energy exports.
- The Trump administration appears to be establishing continued dictatorial control over Venezuela rather than supporting democratic elections, with no mention of democracy in Trump’s weekend press conference about democracy.
- Canada needs to pivot from a conciliatory approach to developing alternative global markets and considering retaliatory measures, rather than relying on concessions to maintain trade access with the US, especially with the upcoming CUSMA review looming large.
