Newfoundland and Labrador is leading by example when it comes to securing export options beyond the U.S.
That’s from Bank of Canada Governor Tiff Macklem, in St. John’s yesterday to talk about the effects of tariffs so far, and the risk for jobs and inflation if they’re not rolled back.
He welcomed word of talks to reach a new trade deal with the U.S. within 30 days, saying it would restore certainty for businesses, stability for the economy and keep inflation in check.
Bank of Canada Governor Tiff Macklem in St. John’s (VOCM News)
In the interim, Macklem says other provinces should be following this province’s lead for alternative markets.
“If you look at your energy exports, you have successfully diversified those markets—20 years ago about 10 per cent went to non-U.S. market; today it’s over 50 per cent. The reality is right now Newfoundland and Labrador is being less affected by new U.S. tariffs than many other parts of the country because your trade is more diversified.”
Macklem noted this province is still not immune, taking it on the chin from Chinese tariffs on seafood.
