An expert from the University of Saskatchewan is warning people in the province should get ready for a tougher ride economically once Donald Trump becomes president.
Political studies professor Greg Poelzer said it will hit home in a couple of different ways.
READ MORE: Canada looks to find common ground with US about NAFTA: Canadian ambassador
Trade, he says, is an obvious one.
“I think it’s very concerning,” Poelzer told Global News. “Trump has been very clear, he wants to renegotiate NAFTA, and that’s going to have huge implications for our economy as a whole, but also for Saskatchewan’s economy, especially the agriculture sector,” he said.
“They’re already making noises around supply management in terms of dairy, but I think it’s going to be broader, including beef production and potentially grain production as well.”
During his confirmation hearing on Wednesday, U.S. Commerce Secretary nominee Wilbur Ross said that renegotiation of the North American Free Trade Agreement (NAFTA) will be the Trump administration’s first trade priority.
READ MORE: NAFTA negotiations Trump’s first trade priority, says US Commerce nominee Wilbur Ross
Poelzer said Canadian politicians should be ready to drop internal bickering, in favor of a united front to deal with U.S. demands on trade.
“When you think about the antagonism we’ve had between Regina and Ottawa, especially around the carbon tax, I think we’ve got to try to mend fences. It’s a two way street, both for Ottawa and Regina,” Poelzer said.
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“I think we need to have a united front as a nation, as we approach what is going to happen – renegotiations around NAFTA.”
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He gave Prime Minister Trudeau credit for bringing back former prime minister Brian Mulroney to try to smooth the waters with the U.S.
Poelzer also said consumers should be ready for the possibility of higher interest rates – which could hit hard in a time of high personal debt.
“I think we are going to enter a period of instability globally, in terms of global markets, and those kinds of things are going to create inflationary pressures,” he said.
“That’s going to probably put pressure on interest rates. So my advice if you’ve got debt – try and pay if off.”
With files from Reuters
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