Canada on Brink of Potential 25% Tariffs as US President Donald Trump Imposes New Trade Measures
Canada is less than 72 hours away from the potential 25 per cent tariffs being imposed by U.S. President Donald Trump.
Provincial and territorial leaders held a virtual meeting with Prime Minister Justin Trudeau earlier today, and Saskatchewan premier Scott Moe said his message was broad dollar-for-dollar counter tariffs “aren’t on from Saskatchewan’s perspective.”
Moe told reporters in Regina ahead of the meeting that everything leaders say and do must be focused on “de-escalating the entire conversation around tariffs.”
He says he’d support a discussion around a targeted package of tariffs and it’s worth considering actions like those taken several years ago during a meat-labelling dispute with the U.S.
Moe also says export charges on farm machinery manufactured in Saskatchewan would have a short-term impact on the province’s industry but cost American farmers more.
Saskatchewan Premier’s Stance on Tariffs
"We should not be in any way escalating the conversation to broad-based, dollar-for-dollar tariffs," Moe said Wednesday at the Western Canada Economic Forum.
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Tariffs: A Threat to Saskatchewan’s Economy
While the tariffs are a real threat for the premier, Moe advocates for focusing on what is under the province’s control, like improving border security.
“Look for opportunities to satisfy maybe some of the concerns that our largest trading partner has," Moe said.
Saskatchewan trades roughly $30 billion each year down south.
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Impacts of Tariffs on Regina
While Moe and Beck voiced what the province needs to do, Economic Development Regina CEO Chris Lane spoke about the impacts tariffs would have on the capital city.
"We know that we would peel off about $175 million worth of business out of the Regina region almost immediately," Lane said.
According to Lane, the long-term impacts on Regina are even worse.
"The more worrying part is that over time if those tariffs and those policies remain implemented is that companies that build their headquarters and production facilities in this part of the world start moving that into the U.S.," Lane said.
Conclusion
The potential 25 per cent tariffs imposed by the US could have significant impacts on Saskatchewan’s economy and trade with the US. Premier Moe’s stance on tariffs is to focus on targeted counter-tariffs and improving border security.
Frequently Asked Questions
- What are the potential tariffs?
The potential tariffs refer to the 25 per cent tariffs imposed by the US on certain goods. - What is the impact on Saskatchewan’s economy?
The tariffs could have a short-term impact on Saskatchewan’s industry, but cost American farmers more. - What is the stance of the Saskatchewan premier on tariffs?
Premier Moe advocates for targeting counter-tariffs and improving border security.