VANCOUVER 鈥� British Columbia Premier David Eby says U.S. president-elect Donald Trump has made a "declaration of economic war" on sa国际传媒 and sa国际传媒 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 sa国际传媒 would cumulatively cost sa国际传媒 $69 billion in lost GDP over the four years of the Trump presidency.
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 sa国际传媒 would decline $6.1 billion this year.
The minister said the tariffs are unprecedented in modern times, making forecasting difficult.
Bailey said sa国际传媒 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 sa国际传媒 from the "unprecedented" Trump tariffs, but they would still trigger "significant impacts" for the sa国际传媒 economy.
Eby said most Canadians had hoped that Trump鈥檚 threat on social media in November was a 鈥減assing fancy, and that he would move on to another issue.鈥�
Now, he said, they are taking the threat very seriously.
"This is a direct economic threat to sa国际传媒 families. It is an attack on families in our province. It is an attack on Canadians.鈥�
鈥淥ur 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.鈥�
The premier said all provincial cabinet ministers have been directed to focus on growing sa国际传媒's economy and protecting vital public services in the face of the "unprecedented threats."
This report by The Canadian Press was first published Jan. 16, 2025.
Marcy Nicholson, The Canadian Press
