It’s budget day in Newfoundland and Labrador. The provincial government will lay out its financial framework for the next 12 months later today.

Finance Minister Siobhan Coady will table the 2025 budget amid economic chaos globally.

Uncertainty has been the theme since U.S. President Donald Trump took office in January, but the situation took a turn in the last week with reciprocal tariffs, causing the markets to take a nose dive.

Coady has indicated that they have been analyzing the situation, and have captured the impacts of tariffs “in a broad sense.”

Premier Andrew Furey has also stated that they will have some flexible measures in the budget to help industries deal with the ever-changing global situation.

Outside of measures to deal with tariffs, there are a litany of issues that could be addressed in the budget such as health care, education, housing, the cost of living, and roads and highway maintenance.

Other factors that could impact this year’s budget include the Churchill Falls MOU that was signed late last year, and the pending provincial election call that must come by the fall.

VOCM News will have live budget coverage from the lobby of Confederation Building beginning at 2 p.m., and detailed budget coverage will be found online here at vocm.com.