British Columbia Premier David Eby says an incoming 50 per cent United States tariff on some copper products highlights the need for diversified markets.
He says the tariffs will affect provinces differently, pointing out that most of B.C.'s copper goes to Asia, keeping the province "insulated" from tariff impact.
But he says Ontario and Quebec are "not in a similar" position.
Natural Resources Canada says B.C. accounts for almost 46 per cent of mined copper production in Canada.
The tariffs announced by the White House on Wednesday that are to come into effect on Friday appeared to fall short of some market expectations by exempting copper concentrate, anodes and cathodes that make up a large part of Canada's exports.
Natural Resources Canada data suggest concentrates made up 36 per cent of Canada's total $9.3 billion in exports of copper and copper-based products in 2023.
The market appeared to expect a tougher line from Trump on copper that could have kept prices at a premium, but instead producer Freeport-McMoRan saw its stock fall 9.5 per cent.
"The good news for British Columbians is that a copper tariff will have, we're hopeful, a minimal impact on British Columbia, because we have diversified markets here," said Eby at an unrelated news conference on Wednesday.
"The majority of the copper concentrate that's produced here in British Columbia goes to Asian markets. And thank goodness for that. But it also underlines why we need to ensure diversification so that we're insulated from these kinds of attacks from the president."
Picture Courtesy: THE CANADIAN PRESS/Christinne Muschi
