B.C.’s finance minister says president-elect Donald Trump’s proposed tariffs would have devastating effects on the province’s economy and growth.
Brenda Bailey said at a press conference on Thursday that tariffs would be “unprecedented in modern times.”
She said there is still uncertainty around the scope and amount of potential tariffs but B.C. has prepared a high-level assessment of potential impacts with the assumption that the tariffs remain in place for Trump’s term and that Canada retaliates in kind.
Wood, pulp and paper, metallic minerals and energy products are all exported to the United States, Bailey added.
“U.S. remains our largest trading partner.”
If the tariffs are put in place, it would mean a loss of $69 billion for B.C.’s economy by 2028, Bailey said.
It would mean 124,000 fewer jobs by 2028.
Investment would decline, with corporate profits falling by billions in 2025 and 2026, Bailey said.
The unemployment rate would increase to 6.7 per cent in 2025 and could increase to 7.1 per cent in 2026.
President-elect Donald Trump will return to the Oval Office on Monday and has repeatedly vowed to implement 25 per cent tariffs on Canadian goods.
“This is an attack on B.C. families,” B.C. Premier David Eby said on Thursday.
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He said in times of war — and he considers this an economic war — people must come together and support each other.
Eby added that he has directed his cabinet ministers to gear up to face whatever Trump’s proposed tariffs throw at them.
Eby said his cabinet will focus on growing the province’s economy and protecting vital public services.
He recognized that this…
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