VANCOUVER — British Columbia Premier David Eby says U.S. president-elect Donald Trump has made a “declaration of economic war” on Canada and B.C. 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 Canada would cumulatively cost B.C. $69 billion in lost GDP by 2028.
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 B.C. would decline $6.1 billion this year.
Bailey says B.C. sent about 54 per cent of exports to the U.S. in 2023 and that the province has a relatively diversified export market compared with other provinces where the U.S. buys more than three quarters of exports.
She says this will help insulate B.C. from the “unprecedented” Trump tariffs but they would still trigger “significant impacts” for the B.C. economy.
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