The political leaders and companies of Saint John, NB, prepare for the impact of American prices looming on Canadian goods, saying that the city is the most vulnerable in the country.
“The prices would be inflationary on both sides of the border and this could create pressure at the household level, which would be quite difficult to sail,” said Fraser Walls, chairman of the Board of Directors of Saint John Chamber of Commerce.
On February 1, US President Donald Trump signed a decree Imposing prices on Canadian and Mexican products. A day before the entry into force, Prime Minister Justin Trudeau and Trump had a telephone call, after which Trump made a price break for 30 days.
According to new research from the Canadian Chamber of Commerce, Saint John would be touched by American prices.
Using the trade Canada trade data, the organization proposed an “exposure index to American prices” to examine the potential impact of threatened American tariffs in 41 Canadian cities.
Get daily national news
Get the best news of the day, the titles of political, economic and current affairs, delivered in your reception box once a day.
The researchers said that Saint John was the most vulnerable. The region is home to Irving oil refinery, the largest crude oil refinery in Canada. The refinery can treat more than 320,000 barrels per day, with more than 80% of this oil exported to the south of the border.
In a statement last week, the refinery said it had a “proud and strong relationship with the United States” since 1972.
“This price will result in price increases for our American customers and will have impacts on energy security and the wider economy,” said the press release.
“Given the importance of safeguarding the energy supply chain, we urge all stakeholders in government and industry to meet and work towards a resolution as soon as possible.”
The report of the Chamber of Commerce has also noted that seafood products and forest products are the other best exports in New Brunswick to the United States
“In 2023, there were $ 15.5 billion (for) goods that were exchanged in New Brunswick in the United States, and much of this is Saint John,” Walls said.
Walls fears a possible impact of several billion dollars on the local economy in Saint John, and says that there is great potential for the Maritimes to work together to reduce dependence on the American market.
It is an idea shared by Saint John Coun. Brent Harris.
“We should really repatriate as many supply chains as possible anyway, and therefore what better place than Saint John with a deep water port,” he said.
He adds that the city has a unique opportunity to expand its cargo facilities.
“Saint John Airport is very underused as a freight option. Tons of available space, a direct rail link that goes there, so there are many competitive advantages here that we really did not put in investment and efforts to explore. »»
In addition, Trump signed a decree on Monday To implement 25% prices on all steel and aluminum imports in the United States, from March 12. It would accumulate in addition to the rate of 25% on all Canadian products, According to the White House.
– with a Canadian press file
& Copy 2025 Global News, A Division of Corus Entertainment Inc.