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The impact of the full threatened Trump tariffs on Regina and Saskatchewan would be “widespread, devastating, and swift,” according to Chris Lane, President and CEO of Economic Development Regina.
“The concerns are real. I think there’s contingency plans being drawn up. I think it matters whether this is a three-day issue, or a three-month issue or a three-year issue,” Lane said.
He said the full tariffs would peel off about $175 million worth of business out of the Regina area almost immediately. And Lane said it would get worse if tariffs were kept on for a longer period.
“Companies that build their headquarters and their production facilities in this part of the world start moving that into the U.S. and that is a bit of a nightmare scenario, and so I think there’s no sugar-coating the idea that this would be impactful, it would be disproportionately impactful in a place like Western Canada,” he explained.
This is all why so much effort is being put into stopping the tariffs from being implemented at all, and why it’s on the top of many in the business community’s tongue.
This week, the Western Canada Economic Forum was held in Regina and tariffs were the undercurrent of many addresses and talks. Lane said having a gathering of such expertise in Regina at this time showcases the momentum on the issue. He said Regina’s a great place for it because it’s a platform for nearly all industries in Western Canada.
“We’re close, we live it every day, Regina’s a transportation, logistics hub for companies that are moving products across the border all the time, so it’s real here,” he said.
Economic Development Regina has been hearing from local businesses which export into the U.S., but he’s also seeing worries about inflation from businesses which don’t export.
“Just the cost of doing business if there’s retaliatory tariffs as well – the knock-on effects of this get pretty serious pretty fast,” explained Lane.
His group has been working on this issue for a while, working with the local business community on actions and preparatory measures. Lane said since Christmas it’s been building a U.S. engagement strategy as well.
“What are we doing to meet with and advocate and change minds, hearts and minds, of agencies and people of influence and industries of influence in some of Saskatchewan’s and Regina’s largest trading partners south of the border,” he said.
Lane explained there are multiple missions into the U.S. in the planning stages which could take effect quickly. He said they would make sure to remind their U.S. contacts about the kind of partner Saskatchewan can be, the opportunities here, and the risks of a tariffs war.
