REGINA - Saskatchewan Finance Minister Jim Reiter is set to deliver his first budget on March 19, but now he has the headache of tariffs from President Donald Trump to deal with.
“As the Premier said things are literally changing by the hour,” Reiter said Wednesday at a news conference alongside Premier Scott Moe and Minister of Trade and Export Development Warren Kaeding.
Premier Moe announced at that news conference counter measures Saskatchewan would be imposing in response to the tariffs, which includes changes to government procurement practises as well as the halting of SLGA sales of U.S. liquor.
As for how the budget will be affected, Reiter acknowledged “it’s very difficult, everybody’s grappling with that across the country right now.”
“As you saw today with the auto sector things are changing by the minute. It’s a work in progress is all I can tell you.”
Reiter noted tariffs would have a major impact on Saskatchewan, saying that on an annualized basis the last estimate he was provided is an effect to the GDP of $4.9 billion, or 5.8 per cent, and a reduction of revenue to the province by up to $1.4 billion. But that would be in a worst-case scenario where tariffs stayed in place for an extended period of time.
Premier Moe said there have been some other budgets that have come out with various contingency plans in it, “all done with deficit financing.”
“And so I think if you could be able let us know whether the tariffs will be on in another three days, 30 days, or three years that would really help in developing everyone’s budget not just Saskatchewan’s budget. And therein lies the challenge is what length of time, at what rate will the other two tariffs stack on to this,” Moe said, referring to the potential upcoming steel/aluminum and reciprocal tariffs.
“This is the utter chaos that we are dealing with.”
Moe also said he spoke the previous night to a municipal leader about the challenges they were having developing their municipal budget as well. Moe noted their capital projects are “awfully expensive compare to what they were five years ago.” There were concerns it would get a significantly amount worse as opposed to better, he said.
“There is concern, I think, at all levels of government.”
As for the March 19 budget, Moe said that “Saskatchewan will be in a strong financial situation, and in a position to support Saskatchewan people should they need it through a prolonged tariff.”
When asked if there would be a contingency fund in that budget, Moe replied “you’ll find that out” on March 19.
When asked if there would be any support for industries such as steel if tariffs are brought in, Moe said he was “working very closely with each of the industries to keep people employed,” working with the federal government on those supports.
“We all see what’s happening with the markets,” Moe said. “We all see the decisions that are 小蓝视频 made by the Trump administration as folks like the American Automotive Manufacturing Association gets through to him and his administration on the facts. So it would be our hope that these tariffs aren’t on for a long period of time.”
