Alberta Premier Danielle Smith said the oil-producing region could look beyond the U.S. for customers if Trump's tariff threats create uncertainty.

President Donald Trump backed down from an extraordinary trade war escalation Tuesday that had threatened a massive surge in Canadian steel and aluminum tariffs and new tariffs on Canadian electricity.

After a fresh wave of tariffs from the United States, Canada and the European Union said they would impose billions in levies on U.S. goods.