St. John's business leaders waiting to see if Trump moves on tariffs as presidency begins
25 per cent tariff would be 'devastating' to N.L. fishery, says Dwan Street
As U.S. President Donald Trump begins his second term in office, the president of the FFAW says she's playing the waiting game to see how threatened tariffs will take shape.
FFAW President Dwan Street voiced concern about how a proposed 25 per cent tariff on all Canadian goods — including fish — could affect local markets. For example, she said, 90 per cent of snow crab exports from Newfoundland and Labrador go to the United States.
"A 25 per cent tariff, we see it as being absolutely devastating," Street said Monday.
During his inauguration speech, Trump didn't reference tariffs against Canada directly but did speak about tariffs against "foreign countries."
"Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens," Trump said. "It will be massive amounts of money pouring into our treasury coming from foreign sources."
An official with Trump's administration confirmed to Reuters on Monday that Trump will hold off on tariffs for now, but will direct agencies to "investigate and remedy persistent trade deficits, and address unfair trade and currency policies by other nations."
The majority of Canada's premiers, including Andrew Furey, have said they'll stand against any tariffs. Furey — who was in Washington for the inauguration — has touted a "Team Canada approach" and has been vocal in his messaging that all industries in Canada need to be supported equally.
Street, part of Furey's roundtable on trade, said she's been pleased with that response. She said conversations have started around what government support could be available for the hardest-hit industries should Trump follow though on tariffs.
"At the end of the day, we don't know what those tariffs are going to look like. We don't know what government's assistance could be to the industry given the unique situation that we are in."
Those in other industries, like technology, say they're also playing the waiting game.
"[It was] certainly shocking and a lot of concern initially," said Andrea King, co-founder and COO of Retellio, a St. John's-based artificial intelligence software company. "I think for some of the startups out there, the best advice is to just ignore it for now and see what plays out in the future."
The Atlantic Chamber of Commerce also voiced concern on Monday, saying the tariffs are a threat across the board.
"This isn't a 'win-lose' scenario. It's a lose-lose proposition that threatens jobs, disrupts livelihoods, and sends shockwaves through every sector of the economy," a news release said.
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With files from Mark Quinn
