Trudeau, N.B. premier discuss impacts of potential 10 per cent tariff on U.S. exports during first meeting

For the first time since being sworn-in as New Brunswick’s newest premier, Susan Holt sat down with Prime Minister Justin Trudeau in Fredericton to discuss a number of topics.

The two Liberal leaders met with reporters early Tuesday afternoon, where both said they are looking forward to growing a working relationship with one another.

That relationship could be tested early if a 10 per cent tariff is implemented by the United States on all American imports, something President-Elect Donald Trump promised he would do.

All of Canada, including the Maritimes, rely heavily on trade with our neighbours south of the border. Nearly 80 per cent of all Canadian exports are to the U.S.

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A Canadian Chamber of Commerce report released in October suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

While there is cause for concern, the prime minister has dealt with a similar situation when Trump was first elected in 2016.

“Seven or eight years ago when President Trump first got elected, he was focused on eliminating our NAFTA agreement, ripping up the trade deal that had created incredible prosperity for Canadians and Americans and grown our economy in significant ways,” says Trudeau. “We successfully sat down, renegotiated that accord to protect not just our supply managed sectors, but so many manufacturing sectors across the country.”

Media surrounds Prime Minister Justin Trudeau and New Brunswick Premier Susan Holt during their first in-person meeting on Nov. 12, 2024. (CTV Atlantic/Avery MacRae)

Trudeau also points out, at the time, his government responded to the tariffs by demonstrating the interdependence of the two economies to ensure jobs were steady on both sides of the border and a smooth flow of product one country to the other.

“That is going to continue to be the case,” Trudeau assures. “We know that even as the Trump administration is significantly concerned about international pressures, particularly overcapacity by China and unfair trade practises by China, Canada is aligned with the United States already, and we're going to be able to do good things together.”

Premier Susan Holt said the pair did discuss the potential impacts during their conversations.

She says she is deeply concerned about what the impacts these potential tariffs would have on New Brunswick’s economy but believes the focus for the U.S. government is on Mexico and China.

“That might mean that the door is open for Canada and the U.S. to partner and avoid the impact that's been suggested that it could have,” Holt says. “But we are not going to let our guard down, and we've got to make sure that we're doing everything we can to avoid those tariffs hurting New Brunswick businesses.”

The current trade agreement between Canada, the United States, and Mexico is up for review in 2026.

For more New Brunswick news, visit our dedicated provincial page.