The Surrey Board of Trade (SBOT) is deeply concerned about the potential economic consequences of a US-imposed 25% tariff on all Canadian imports. The preliminary assessment by the BC Ministry of Finance outlines alarming projections, including a cumulative $69 billion loss in economic activity, significant declines in corporate profits, and over 124,000 job losses by 2028. These figures underscore the vulnerability of key industries in BC, including natural resources, manufacturing, transportation, and retail.
The Province’s proposed three-part strategy—respond, strengthen, and diversify—marks an important step in addressing these challenges. However, more robust collaboration with the business community is critical to ensuring the success of these measures.
“The Surrey Board of Trade appreciates the Province’s proactive approach to mitigating potential economic shocks from US tariffs,” said Jasroop Gosal, Interim Spokesperson and Policy & Research Manager of the Surrey Board of Trade. “We especially appreciate the Premier leaning on the chamber of commerce/board of trade network, including the Surrey Board of Trade, to communicate data and impacts to the Premier and Finance Minister directly. Businesses must actively support these efforts by diversifying their own markets and engaging in strategic planning to navigate this uncertainty.”
As one of the largest chambers of commerce/boards of trade in Canada, SBOT stands ready to assist the Province in enhancing domestic resilience and expanding international trade relationships, particularly in the Asia-Pacific region. We urge all businesses to remain vigilant, leverage board of trade resources, and advocate for policies that strengthen our economic position in the face of uncertainty.
Read the BC Economic Assessment here: https://news.gov.bc.ca/releases/2025FIN0002-000019
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Jasroop Gosal, 604-634-0345, jasroop@businessinsurrey.com
