Washington: US President Donald Trump has announced that oil from a recent agreement with Venezuela will be used to replenish the Strategic Petroleum Reserve. This reserve has been significantly depleted in recent years due to global supply disruptions and escalating fuel prices. Additionally, Trump highlighted the increasing relocation of Canadian businesses to the United States. According to TRTworld.com, Trump revealed on social media that the process to refill the reserve with Venezuelan oil would commence shortly, describing it as a "gift from Venezuela to the people of the United States." However, the timeline for when this oil will be available to the reserve, or its immediate impact on US motorists, remains uncertain. The agreement, declared by Trump on Friday, seeks to rejuvenate Venezuela's struggling oil sector, though substantial investment and development of infrastructure are necessary for any considerable increase in production. The Strategic Petroleum Reserve contained approximately 290 mill ion barrels as of August 21, marking a near 44-year low. This decline resulted from the US tapping into its stockpile under both the Biden and Trump administrations due to global supply crises, including conflicts such as the Russia-Ukraine war and tensions with Iran. In addition to the oil deal, Trump noted the swift migration of Canadian businesses to the US, attributing this trend to escalating trade tensions between the two countries. He emphasized that the US aims to produce its own goods, including automobiles, as Canadian businesses continue to relocate southward. Trump accused Canada of economic exploitation and vowed to fundamentally transform the bilateral economic relationship. Details regarding which Canadian firms are relocating or the volume of capital crossing the border remain undisclosed. The US president's comments follow his imposition of 50 percent tariffs on $20 billion worth of Canadian imports on August 22, along with a directive to implement a 50 percent tariff on Canadian automobile s, trucks, and steel starting January 1, 2027. Trump insists that these tariffs are vital to addressing a trade deficit exceeding $60 billion, urging manufacturers to shift their operations to the US to benefit from "zero tariffs." Meanwhile, Canadian Prime Minister Mark Carney has criticized the US measures, calling them a "miscalculation" and an effort to "hurt and divide" Canada. Carney declared that Canada is "at war" over trade and announced Ottawa's plan to impose reciprocal tariffs on $20 billion worth of US imports starting September 8.