Economic uncertainties stemming from the potential impacts of U.S. President Donald Trump’s proposed 25 per cent tariffs were at the centre of P.E.I. Premier Dennis King’s state-of-the-province address Monday evening.
The speech included an announcement of funding this year to help Island exporters remain competitive globally.
King made his remarks to the Rotary Club in Summerside, where he talked about the potentially devastating consequences that tariffs on Canadian goods could have on P.E.I.’s crucial agriculture, fisheries, bioscience and manufacturing sectors, which represent nearly 24 per cent of the Island’s gross domestic product.
As trade tariffs loom and the potential loss of U.S. markets could become a reality, the premier said improving trade within Canada is critical.
This alone, however, cannot fully make up for the shortfall that could result from losing access to U.S. markets, King said. P.E.I.’s economy therefore will need to explore new markets, diversify its trade relationships and strengthen economic partnerships beyond the U.S.
“That’s why in budget 25, we will initiate an export enhancement and new market development fund to help Island exporters remain strong, competitive and more diverse in the global economy,” King said.
“We will be asking the federal government to be a significant and real, hard investment partner in that initiative.”
Removing bridge tolls, ferry fares ‘critical’
King also said he would continue to call for Ottawa to eliminate tolls on the Confederation Bridge and fares for Northumberland Ferries — an appeal he has made for a number of years.
Removing these tolls would reduce costs for goods entering and leaving P.E.I., help Island businesses and exporters, and lower barriers to internal trade, he said.
“Now, more than ever, this has become critical.”
