News Summary

British Columbia Premier David Eby has labeled the proposed 25% tariffs on Canadian goods by U.S. president-elect Donald Trump as an ‘economic war’, estimating a potential loss of $69 billion in GDP for the province by 2028. The tariffs could also result in 124,000 fewer jobs and an increase in the unemployment rate to 7.1% next year. Despite B.C.’s relatively diversified export market, with 54% of its exports going to the U.S., the tariffs are expected to have significant adverse effects on the provincial economy. Eby is considering measures to bolster the economy, such as accelerating permits and reducing internal trade barriers within Canada.