Government officials met with industry partners yesterday to hear about the effects of ongoing trade uncertainty between Canada and the United States. Last year, the United States accounted for approximately 34 per cent of the total value of Newfoundland and Labrador’s international merchandise exports, making it the province’s largest individual export market. During the meeting, Premier Tony Wakeham highlighted a commitment to collaboration with industry, community, and labour organizations.
Meanwhile, speaking to reporters this week, Finance Minister Craig Pardy spoke about how our exports to the US have been getting less and less. In 2024, 50 percent of total exports went to the US at a value of about $9.8B and at 34 percent last year the value was $4.7B.
Pardy says industries that would be affected by tariffs could cost them around $17M with things like clothing, electrical supplies, and artwork impacted. He says the impact on a family purchasing goods from the States could be about 65 dollars extra a year, and government purchases could cost about $1.2M.
Pardy says if needed, they will be looking at interventions as a result of the tariffs but feel this is rather minimal with consumer inflation at about one tenth of a percent. There is $175M in contingency in case it is needed to help with the effects of tariffs.
Pardy says the uncertainty is what we need to be aware of and that we don’t know what’s coming next.
