Oil prices rose on Tuesday as investors eyed OPEC+ discussions on output and weighed the potential impact of U.S. President-elect Donald Trump's planned trade tariffs on Mexico and Canada. Brent crude futures were up 66 cents,

Canada’s oil industry stressed the economic and security benefits of its exports to the US, while also using President Elect Donald Trump’s threat to impose tariffs on the country’s goods as a chance to criticize Prime Minister Justin Trudeau.

Donald Trump’s plan to slap punitive tariffs on Canadian imports will drive up prices for American motorists, oil producers warned, as companies scrambled to respond to the US president-elect’s threats.

The president-elect announced on Monday that he intends to impose a 25 percent tariff on goods from Canada and Mexico.

The Bank of Canada said on Tuesday that if U.S. President-elect Donald Trump follows through on his threat of tariffs on Canada, it would have an impact on both economies and the central bank would incorporate those into its economic forecasts.

Stocks of GM and Ford took a hit, amid concerns that Trump’s plan for tariffs on imports from Mexico and Canada could cut auto sales more than a million cars.