Eby warns impact of Trump tariffs could be 'more serious' than 2008 recession

David Eby has warned that should Donald Trump go ahead and enact tariffs on Canada, the results could be disastrous for British Columbians.

The premier even went so far to suggest it could have a worse impact than the 2008 recession.

"The projections that we have seen indicate that this could be more serious for our provincial economy than the 2008 recession," he said during a press conference in Vancouver on Tuesday. "It's certainly the most significant economic impact we've seen in a while here."

When asked how his team is preparing to release the provincial budget in the coming weeks, Eby said "every decision is being made through the lens of British Columbia and Canada potentially heading into a protracted trade war with the United States, and all the consequences that could mean for families."

Among those are a higher dollar, which would result in higher prices for groceries, as well as unemployment and everything that brings with it.

"We'll hope for the best," he said, "but British Columbians should know that we're preparing for the worst."

Finance Minister Brenda Bailey recently explained that, were the president to go forward and enact a 25% tariff for the duration of his term, the province's real GDP would experience a cumulative loss of around $69 billion by 2028.

In regards to employment, there would be an estimated 128,000 fewer jobs by 2028, with an increase in the unemployment rate from 6.7% to 7.1%. Corporate profits were projected to result in losses of between $3.6 billion and $6.2 billion annually, with government revenue falling by anywhere from $1.6 billion to $2.5 billion per year.