More than 136,000 B.C. jobs are directly tied to the United States’ demand for goods.
A new report from the Business Council of B.C. (BCBC) highlights the province’s serious economic consequences if U.S. president-elect Donald Trump follows through with his tariff threat.
The report states that the U.S. is B.C.’s biggest trading partner. Between January and November of 2024, the province exported $26.4 billion of goods, mainly through its energy and forestry ministries, it said.
Natural resources, including energy, forestry, metals, agriculture, and fishing products make up 69 per cent of B.C.’s exports to the U.S., the report states.
“The U.S. is B.C.’s largest trading partner, and any disruption in our trading relationship would reverberate through our economy,” said report author and BCBC director of policy, Jairo Yunis.
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“Trade, however, is a two-way street. American consumers and businesses would also face impacts from new tariffs — a critical point we must continue to emphasize. Trade offers no win-lose scenarios, only opportunities for mutual benefit or shared loss.”
The report calls for unity among provincial and business leaders and for the government to address domestic challenges to attract investment and better position B.C. to counter the negative impact of U.S. tariffs.
On Thursday, B.C.’s finance minister said Trump’s proposed tariffs would have devastating effects on the province’s economy and growth.
Brenda Bailey said at a press conference that tariffs would be “unprecedented in modern times.”
If the tariffs are put in place, it would mean a loss of $69 billion for B.C.’s economy and 124,000 fewer jobs by 2028, Bailey said.
Bailey also said investment would decline, with corporate profits falling by billions in 2025 and 2026.
The unemployment rate would increase to 6.7 per cent in 2025 and could increase to 7.1 per cent in 2026.
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