Trump's trade tariffs would send Manitoba into a recession: Premier Wab Kinew
CBC
The damage to Manitoba from a 25 per cent tariff on Canadian goods entering the U.S. cannot be overstated, Premier Wab Kinew says.
"The bottom line is it would mean a recession for our province, and we can't have that happen," he told reporters on Tuesday, following an address at the Association of Manitoba Municipalities fall convention in Winnipeg, where he told delegates every province is united in working to fight U.S. president-elect Donald Trump's threatened sanctions.
However, the federal government needs to step up with money to make it happen and address some of Trump's concerns, Kinew said.
"We have to show the Americans that we're serious about border security."
Trump announced Monday evening that he'll slap a sweeping 25 per cent tariff on all products entering the U.S. from Canada and Mexico unless those countries rein in what he says is a flow of drugs and migrants across their shared borders with the U.S.
The economic sanctions would begin Jan. 20, 2025, the day of Trump's inauguration.
"That is a huge impact, so that's something that we can't allow," Kinew said.
The U.S. is Canada's largest trading partner, with nearly 77 per cent of Canadian exports going there.
For Manitoba, it's about 73 per cent, which equates to about $15 billion annually, according to Chuck Davidson, president and CEO of the Manitoba Chambers of Commerce.
"We were concerned when the discussion [about a potential tariff] was about 10 per cent," which the Canadian Chamber of Commerce found would cost the Canadian economy $30 billion annually, he told CBC Manitoba Information Radio host Marcy Markusa on Tuesday.
"This is going to have a significant impact on the Canadian economy if this goes forward. We need to make sure this is the number 1 concern of both our provincial and federal governments, to do whatever possible to lessen the impact of this."
Some companies have profit margins that are under 25 per cent, so that kind of hit would undoubtedly lead to some closing up shop, said Terry Shaw, the Prairies vice-president for the Canadian Manufacturers and Exporters, Canada's largest trade and industry association.
"It'll impact retail sales, restaurants, the arts and [be felt] throughout the economy," he said, adding manufacturing will be among the industries that particularly feel it.
"One out of every $10 generated in the Manitoba economy is generated courtesy of a manufacturer."
The U.S. government on Monday said electric vehicle (EV) maker Tesla and South Korea's LG Energy Solution had signed a supply agreement to build a $4.3 billion lithium iron phosphate (LFP) prismatic battery cell manufacturing facility in Lansing, Mich., with an expected production launch in 2027.
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