B.C. Finance Minister Brenda Bailey says her ministry is preparing to release a budget Tuesday that "meets this moment" as U.S. President Donald Trump says his Canadian tariffs are set to go into effect on the same day.
Bailey's ministry will be releasing the 2025 budget Tuesday (March 4) in Victoria amid economic uncertainty under the tariff threat.
"I know the question on everyone's minds is how do you build a budget in this situation, in the face of unprecedented tariffs," Bailey said Monday. "President Trump said tariffs on Canada and Mexico would go ahead, then he said they would be paused until April 2. That made your finance minister very happy, but then he said that they would be implemented in March – Budget Day, tomorrow."
She added "we don't know day-to-day, even hour-to-hour, what President Trump will decide to do."
"The tariff threats are already hurting our economy and have industries bracing for impact. It's crucial that we get business, labour and Indigenous leadership and government around the table, and we're doing just that."
Alluding to the budget, Bailey said British Columbians will see a budget "that's about setting us up to succeed, regardless of what happens with the tariffs." The budget, she said, is designed to provide us initial steps for flexibility to move forward.
Trump has said tariffs are set to be implemented Tuesday, following a 30-day pause. Speaking to media Monday, Trump was asked if there is any possibility of Canada and the U.S. to make a deal before midnight, the president said, "No room left for Mexico or for Canada. No, the tariffs you know, they're all set. They go into effect tomorrow."
On Monday, the U.S. Department of Commerce announced plans to more than double anti-dumping duties imposed on Canadian softwood lumber exports.
Premier David Eby said he strongly denounced the latest announcement from the U.S.
"B.C. has long maintained that any and all duties on softwood lumber are unjustified, and these anti-dumping duties are based on a biased calculation - one that has been criticized by many of the United States' trading partners.
Eby added the U.S. Department of Commerce's announcement will impact all Canadian companies selling lumber to the United States.
The anti-dumping duties also follow another order from Trump over the weekend to start a separate investigation of forest products, with the possibility of additional tariffs, quotas or other actions aimed at curbing imports of forest products to the U.S.
Prior to Monday's media availability, Bailey attended a private meeting with members of B.C.'s Trade and Economic Security Task Force.
