Trump says U.S. and Canada reached last-minute deal to delay 50% US tariffs on Canadian imports

The latest clash of U.S. tariffs restricting Canada have been temporarily halted, sparking speculation of a revived Keystone XL pipeline, according to social media posts from U.S. President Donald Trump. The defunct Keystone XL pipeline, initially proposed by TransCanada Corp. in 2008, aimed to deliver crude from Hardisty, Alberta, to U.S. Midwest refineries and provide a direct route to the world's largest refining complex on the Texas coast.

Canada's energy regulator had approved the plan in 2010, but its journey was marked by reroutes, lawsuits, political battles, and high-profile protests involving celebrities like Margot Kidder and Daryl Hannah. Former President Barack Obama twice vetoed the pipeline, which was reinstated by President Donald Trump during his first term.

However, President Joe Biden nixed the project again on his first day in office in 2021. Now, South Bow Corp., which acquired the existing system last year, has opened an "open season" for potential customers, receiving 20-year binding commitments of 465,000 barrels a day for firm transportation service from Hardisty, Alberta, to the Canada-U.S. border.