Donald Trump’s return to the White House on Wednesday continues to spark speculation about how policies affecting the energy sector will evolve under his leadership.

But Alberta business leaders are cautiously optimistic.

“If there’s one place in Canada that can perhaps stand out better in these kinds of assessments, maybe it’s Alberta,” said Adam Legge, president of the Business Council of Alberta.

That’s because Canada’s largest export to the United States is energy.

In fact, ATB reports that Alberta energy accounted for more than 80 percent of exports to the United States last year.

Trump has promised a global tariff of 10 to 20 percent on all imports, but experts say it would ultimately cost consumers on both sides of the border, leading many industry experts to believe that Canadian oil and gas will be exempt.

“You have smaller, narrower refining margins, and you have higher pump prices for Americans. That higher pump factor is why I and others think this doesn’t won’t happen because of Trump’s promise to lower energy prices for consumers,” Rory said. Johnston, founder of Commodity Context and professor of global affairs at the University of Toronto.

Trump’s America First agenda aims to boost U.S. oil and gas production to lower energy costs, but experts say U.S. refineries would still need Canada’s heavier crude.

“The biggest problem, I think, is investments. A lot of oil and gas investments might go south and then stay domestic because our policies are quite antagonistic when it comes to oil and gas investments,” said Kasha Piquette, former Alberta MP. Minister of the Environment and Protected Areas.

Some would like to see the federal government reassess its oil and gas sector emissions cap to better align with the new administration of its southern neighbor.

“Now is not the time. Well, frankly, it’s never the time to cap emissions, but especially since we’re negotiating with the Trump administration, that cap should be removed.” , Legge said.

If blanket tariffs are imposed, it will ultimately end the Canada-United States-Mexico Agreement.

But Alberta Premier Danielle Smith is not opposed to a review and supports the idea of ​​removing Mexico from the mix.

“If we take an approach that puts Canada first and if we show the Americans that we are prepared to have fair trade, in which we buy as much from them as they buy from us, I think we can succeed in have a North American business. strategy,” Smith said.

“That’s what I’m calling for, and I know that’s what (Ontario Premier) Doug Ford is calling for as well.”

CTV News reached out to the federal government and the Trump administration for comment but did not receive a response.