Canadian consumers, businesses, and governments are getting ready for a new wave of tariffs set to hit the country today in what is the latest tariff action from the U.S. Those are joining some previous tariffs from both themselves and China, which impact trade in Canada.
Chris Lane, the CEO of Economic Development Regina (EDR), says that as those two countries are some of our biggest customers, it's important to make sure trade isn't destabilised.
"It requires a full court press in terms of both economic and political means to make sure that our markets are diversified and that relationships that we do have are reinforced and that there's always a market for Saskatchewan goods. So that's the work we're doing now."
As the tariffs are being announced, EDR has put forward a four-part strategy that they'll use to help keep Saskatchewan's industries running.
- U.S. Engagement - Including leading a delegation in May to Denver, Colorado, to reiterate the Canada-Saskatchewan relationship.
- Real-time Impact Analysis - Provide active updates as to where those tariffs are hitting the community
- Partner Collaboration - Going to events such as the 2025 Mayors Summit in Washington, DC and participating in a “Team Saskatchewan” delegation to Hannover, Germany.
- Economic Diversification & Business Growth - Launching a new Business Growth Program with the Saskatoon Regional Economic Development Authority and Prairies Economic Development Canada, securing $1 million in support for high-impact Saskatchewan businesses.
Lane says he hopes to see plenty of work done to keep the province's industries safe.
"All of those things combined are coming at a really important time for making sure that Saskatchewan's economic interests are protected."
EDR estimates that U.S. tariffs alone will create a $329 million hole in Regina’s GDP in 2025, with a potential loss of 730 jobs.