B.C. braces for impact of Trump's 35 per cent tariffs
For Michael Devereux, an economics professor at the University of British Columbia, the new tariffs imposed on Canada Friday morning are 'confusing.'
Devereux told CTV News the 35 per cent levies – which U.S. President Donald Trump blamed, in part, on fentanyl going over the border – will hurt Americans.
'(They're) much more important for the U.S. consumer because they actually pay the tariffs,' said Devereux.
Approximately 90 per cent of Canadian exports, which are covered under the Canada United States Mexico Agreement, or CUSMA, are still tariff-free.
But Devereux explained the remainder that are could have a significant impact on the economy, if U.S. consumers choose to stop purchasing those Canadian goods.
B.C. Forestry Minister Ravi Parmar said, 'No sector has felt the weight of that more than our forestry sector here in British Columbia.'
Parmar said his ministry is currently focusing on creating robust trade relationships with other nations.
'I'm going to be ensuring that my team has boots on the ground in those places supporting small and medium-sized companies to be able to explore finding new customers,' he said.
While those negotiations are ongoing, Parmar said the B.C. government is still hopeful their federal counterparts can secure a long-term deal with the U.S.
Federal ministers including Vancouver MP Gregor Robertson were tight-lipped on Friday, but did say Prime Minister Mark Carney was attempting to forge the best deal possible for Canadians
Carney put out a statement in the morning that read, in part: 'The Canadian government is disappointed by this action and will act to protect Canadian jobs,' adding that he will continue to negotiate with the Americans.
Devereux said British Columbians are in a difficult situation, and with CUSMA renegotiations on the table next year unless what he called a rational deal is made, things could get worse.
By CTV News Vancouver's Demetra Maragos
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