Local News
Economic concerns for Surrey business group as Trudeau plans exit
Following Justin Trudeau’s announcement on Monday that he will resign as Liberal leader and prime minister, the Surrey Board of Trade admits it’s worried, especially given the timing of his decision.
It’s a contentious time for the economy. The Canadian dollar has been lagging for some time and the world is less than two weeks away from U.S. President-elect Donald Trump taking office for a second term, which may include a 25 per cent tariff on Canadian goods.
“This is going to have some significant impacts on our abilities to deal with changing international geopolitics, such as, Donald Trump coming into office,” said Jasroop Gosal, interim spokesperson and policy and research manager of the Surrey Board of Trade.
“A lot of businesses in B.C. rely on imports and exports to the United States and we are worried about the economy.”
Gosal stresses that for some time now, local businesses have been voicing concerns about red tape, taxation, and regulatory issues but with Parliament prorogued until March 24, they have to accept that nothing will improve in the short-term.
“We know no changes will be coming in the form of legislation. At the international level, of course, with the threat of tariffs across the board on Canadian goods going into the United States, this is going to have a significant impact on those businesses that are looking to start exporting, as well as those already exporting, and it is also going to have some impacts on the businesses that import raw material from the United States and then export finished goods to the United States,” Gosal explained.
“This is going to have significant impacts on some of the businesses in Surrey, especially in the manufacturing and forestry sector.”
He adds there are concerns about the changing dynamics of what appears to be now a frosty relationship with American counterparts, and with the upheaval in Ottawa, it’s not clear who will be in a position in time to go to bat for Canadian businesses.
Gosal says the next federal Liberal leader, and whoever is then elected as prime minister in the fall, has to find a way to expand international trade.
“That we are fighting and focusing on enhancing domestic production, enhancing our manufacturing capacity to ensure we are working with other nations as well … so we can reduce our reliance on the United States when issues like this, or leaders like Donald Trump take office,” Gosal said.
The SBOT will be closely monitoring the race to replace Trudeau, Gosal adds. The list is long and some of the names include former finance minister Chrystia Freeland, former Bank of Canada governor Mark Carney, and current ministers Mélanie Joly, Dominic LeBlanc, Anita Anand, and François-Philippe Champagne. Among those rumoured to be throwing their hat in the ring is also former B.C. premier Christy Clark.
Trudeau was in power for nearly a decade. The next federal election is currently slated for Oct. 20.
With files from Angelyna Mintz.
