Monday March 3, 2025 | VICTORIA, BC
by Mary P Brooke | Island Social Trends
Today is ‘the day before’ a lot of things change.
There is the now nearly certain an announcement of tariffs coming from the US administration tomorrow, March 4. That’s the same day that BC Budget 2025 will be unveiled.
In a manner of ramping up the preparation for whatever may come from the US direction tomorrow, Premier David Eby held a long meeting with his BC Task Force on Trade and Economic Security in a room at the Victoria Conference Centre.
He was flanked by the three co-chairs of that committee, and also Housing and Municipal Affairs Minister Ravi Kahlon who chairs the 10-member BC Cabinet Committee on Economy and Tariffs. Eby is also meeting with the recently launched industry-led task force on agriculture and food economy.
Finance Minister Brenda Bailey stepped out from that meeting to address the news media in the lobby.
Uncertainty:
“This is a particularly difficult time. There is so much uncertainty,” said Bailey.
She said that people are feeling it “everywhere in the economy”.
Trade diversification:
What does BC’s trade diversification look like so far?
“Minister Gibson is doing this work and they’ve updated us on some of the work that is happening. It’s across the entire country,” said Bailey.
Some working is going on “including some specific projects” with regard to labour mobility, Bailey said. As one example, getting BC-produced alcohol products sold across Canada is part of the work, she said.
A bit of a positive news is that about 50% of BC’s trade exposure is currently going to the US whereas in Ontario and Quebec is more like 75%, Bailey outlined. Last week Premier Eby said “there’s no place he’d rather be than British Columbia” to weather this economic storm.
BC’s Premier is strongly in favour of trade diversification as outlined in his February 26 press conference.
“We have very strong trade relationships — particularly to Asia that we can grow up and continue to grow,” said Bailey. Ports on both sides of the country help with this.
Emphasizing the availability of the Port of Vancouver was achieved in a few recent media availabilities by Premier Eby and two televised media interviews in recent days with federal leaders (including Foreign Affairs Minister Melanie Joly and Liberal leadership candidate and former Finance Minister Chrystia Freeland).
And just this past weekend Canada’s Prime Minister Justin Trudeau was in London, England to meet with European leaders for a Securing the Future Summit. While a significant reason for that meeting was around military strategy in light of the United States possibly not continuing with military support to Ukraine, new lingo not heard for while was “trans-Atlantic”. Canadian business and geopolitics are shifting to Europe.
Wage growth:
Inflation has already taken a hit on affordability for British Columbians, something that Minister Bailey mentioned several times today.
Now with the overlay of tariff stress on the economy, will labour wage growth be slower in this new uncertain economy?
“Whether tariffs come in tomorrow or not, affects the economy,” said Bailey, indicating that would be decided at the legislative level.
As to negotiations in the public sector more broadly “and I will leave those good decisions to be made at the table”.
===== RELATED:
- European ‘Securing the Future’ summit includes Canada (March 2, 2025)
- Premier Eby wants interprovincial trade, says Trump should formally meet ‘country to country’ (February 26, 2025)
- BC Finance Minister delivers pre-budget insights (February 13, 2025)
- Eby appoints BC cabinet committee on economy & tariffs (January 29, 2025)
- Canada on guard with three-part tariff strategy (January 17, 2025)
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