U.S. President Donald Trump on Tuesday ramped up the burgeoning trade war with Canada, vowing to double tariffs set to take effect within hours on all imported steel and aluminum products from America's northern neighbor to 50% - although he later said he would likely lower them after Canadian officials agreed to talks.

Kimmeridge Energy Management will pursue more activism among Canadian oil and gas producers, a senior executive told Reuters on Tuesday, as it targets underperforming companies and potential benefits emanating from the trade war with the United States.

Alberta, Canada’s top oil-producing province, is projecting its first budget deficit after four years of surpluses as the prospect of a trade war with the US weighs on the outlook for economic growth and oil revenue.