British Columbia Premier David Eby says U.S. president-elect Donald Trump has made a "declaration of economic war" on Canada and B.C. with his proposed 25 per cent tariffs on Canadian goods.
Eby and Finance Minister Brenda Bailey released costings that suggest the tariffs and a similar response from Canada would cumulatively cost B.C. $69 billion in lost GDP over the four years of the Trump presidency.
It’s all hands on deck when it comes to standing up for the livelihoods of people in BC and across Canada. That’s why I’m supporting the Team Canada approach as we do what it takes to protect Canadians, protect our jobs and protect our country. pic.twitter.com/GdnMRbyUPR
— David Eby (@Dave_Eby) January 16, 2025
The costings also estimate 124,000 fewer jobs in the province by 2028, and that the unemployment rate would rise to 7.1 per cent next year.
The preliminary assessment by the Ministry of Finance also suggests corporate profits in B.C. would decline $6.1 billion this year.
The minister said the tariffs are unprecedented in modern times, making forecasting difficult.
Bailey said B.C. sent about 54 per cent of its exports to the U.S. in 2023 and that the province has a relatively diversified export market compared to other provinces where the U.S. buys more than three-quarters of exports.
She said this will help insulate B.C. from the "unprecedented" Trump tariffs, but they would still trigger "significant impacts" for the B.C. economy.
Eby said most Canadians had hoped that Trump’s threat on social media in November was a “passing fancy, and that he would move on to another issue.”
Now, he said, they are taking the threat very seriously.
"This is a direct economic threat to B.C. families. It is an attack on families in our province. It is an attack on Canadians.”
“Our No. 1 priority is ensuring that we are prepared as a province for these tariffs and that we are responding in a way that protects families and ensures that we minimize the risk of any future attack like this from the United States.”
The premier said all provincial cabinet ministers have been directed to focus on growing B.C.'s economy and protecting vital public services in the face of the "unprecedented threats."
