Despite a bit of a reprieve from ever-changing tariffs, New Brunswick is remaining vigilant, said Premier Susan Holt in her weekly update on tariffs.
“And so our retaliatory tariff program is still in place and our support program is still in place,” said Holt in the livestream event Thursday afternoon.
She said Opportunities New Brunswick has had “more than 100 conversations” with entrepreneurs in the province looking for financial support.
Holt said businesses are already feeling the pinch, including MQM Manufacturing in Tracadie-Sheila. She said she visited the plant, which “does huge steel fabrication projects like Yankee Stadium,” last week.
“These tariffs are impacting them,” said Holt.
Estimated loss of 2,100 jobs
She said the province’s Finance and Treasury Board has calculated new projections of the impact of tariffs on New Brunswickers.
Based on those calculations, New Brunswick is expected to lose approximately 2,100 jobs in 2025 — 6,600 if the tariffs remain in place for the next four years of U.S. President Donald Trump’s term.
If the current tariffs remain as is, the province’s GDP is projected to drop 0.6 percentage points.
“So that’s not enough to push New Brunswick into the technical definition of a recession, but that does represent about $3.5 billion worth of GDP out of our economy.”
She encouraged people to continue to buy local and travel within the province “because that does make a difference.”
“We would encourage you to explore all that New Brunswick has to offer,” said Holt.
And to mark Tourism Week, she encouraged New Brunswickers to invite friends and family “to come and see us this summer.”
Year-round ferry service?
Holt also said the province is still trying to get the seasonal ferry started early for Campobello Island residents, who have been particularly impacted by the tariffs, since their only access to the mainland is via a bridge to Lubec, Maine.
So as they work on the temporary solution for islanders, Holt said they’re also exploring year-round ferry service.
“I’ve directed the folks at DTI to take that work seriously and to look at all of the options of how we can make sure that these New Brunswickers have access to their province on a reliable and regular basis permanently for the long term.
“That’s something we need to do in partnership with the federal government,” said Holt.
