While Carney’s trip hasn’t resulted in any dropped tariffs yet, energy could help move the needle - with China looking for reliable sources of crude oil…

… at the same time Canada weighs the risk of Venezuelan oil displacing U.S. exports. Increasing the flow of Canadian crude east would narrow the trade deficit we consistently run with China…

… but could require Chinese investment here at home, so they share in the upside of that trade. Carney’s made it clear he’s open to foreign involvement…

… but we’ll see if he’s able to thread this needle without further agitating our much larger partner south of the border.

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