N.B. wants to soften the blow of U.S. tariffs. Local businesses say they'll need the help

Aidan Cox · CBC News

· Posted: Mar 05, 2025 2:45 PM EST | Last Updated: March 6

The New Brunswick government's program to soften the stroke expected from U.S. tariffs is getting mixed reception from parts of the province's concern community.

Premier Susan Holt announced a $162 cardinal program connected Tuesday that includes programs aimed astatine helping businesses diversify their markets, supports laid-off workers, and offers capital loans to companies affected by the tariffs.

The announcement came the aforesaid time the United States imposed sweeping 25 per cent tariffs connected each imports from Canada, but for vigor imports, which are taxable to a little 10 per cent tariff.

"I deliberation that Premier Holt's four-pillar attack is rather strong. It's thorough," said Shannon Merrifield, CEO of the Saint John Region Chamber of Commerce, speaking on Information Morning Saint John.

"Businesses are going to request enactment to stabilize the marketplace [diversification] that's going to beryllium coming our mode successful the adjacent small bit, and of course, I've ever loved and ever felt powerfully towards ... enactment local."

Saint John is peculiarly susceptible to U.S. President Donald Trump's tariffs, considering the metropolis sends 96.3 per cent of its exports into the U.S.

The amount of petroleum, wood and seafood products the metropolis exports southbound of the borderline makes Saint John the astir at-risk Canadian metropolis successful the look of tariffs, according to the Canadian Chamber of Commerce.

Merrifield said considering however galore jobs are tied to exports, lay-offs successful Saint John are expected successful the weeks and months ahead.

"Unfortunately, I deliberation it's a world that we're going to person to look ... with this important commercialized war.

"There volition beryllium occupation losses and businesses are going to person to chopped costs to offset tariff impacts. You know, galore companies are already nether unit from ostentation and economical uncertainty, truthful this is going ... to adhd to it adjacent more.

LISTEN | Businesses successful the Saint John portion brace for interaction arsenic U.S. tariffs instrumentality effect:

Hoping for much from province

Holt's program to assistance stave disconnected the effects of U.S. tariffs is simply a bully start, said James Ponting, co-owner of Craft Coast Canning, a Fredericton institution which labels and sells aluminum beverage cans to alcohol producers.

However, helium said the program doesn't spell acold capable by conscionable providing businesses with moving superior loans — if they lone spell arsenic acold arsenic helping screen payroll costs or offset a slump successful sales.

Instead, helium said the state should beryllium spending much wealth to assistance businesses grow, and compete, astatine a nationalist oregon planetary level.

"For immoderate companies, adjacent tiny ones similar myself, you know, projects might, mightiness outgo 10-, 20-, 30-, 40-, 50-million dollars oregon much to truly acceptable businesses up to beryllium capable to thrive and vie successful this caller system that we're talking astir creating," Ponting said.

"And I bash deliberation that that if we privation to bash that present successful New Brunswick, the authorities volition request to play a relation successful providing that benignant of entree to superior to New Brunswick companies."

Full impacts of tariffs inactive unclear

It's hard to cognize precisely the benignant of assistance that volition beryllium needed to upwind the tariffs, considering they lone conscionable took effect, said Blair Hyslop, co-CEO of Mrs. Dunster's, a New Brunswick-based baked goods business.

"We're going to person to enactment our prices up to immoderate grade and that's going to impact sales, but you know, is it going to mean are we going to suffer 20 per cent of our business, oregon 5 oregon two? Like, we truly don't know," said Hyslop, speaking connected CBC's Shift.

When it comes to the program laid retired by Holt connected Tuesday, "I would accidental the model is good," helium said.

Hyslop said it's bully to see programs aimed some astatine businesses and workers, adding helium appreciates the province's propulsion for radical to bargain local.

However, helium said it volition instrumentality immoderate clip to spot whether the program offers overmuch payment to his business.

"The devil's successful the item successful presumption of however these things are going to beryllium rolled out. But I deliberation that, you know, however that matches with our need, we don't cognize yet due to the fact that we don't cognize what our needs are."