Smith: Tariff War Would Devastate Canada's Economy

Alberta Premier Danielle Smith warned that imposing an oil export tariff on the US would be disastrous for Canada's economy. She stated, 'Doing so would absolutely devastate the Canadian economy,' and predicted that hundreds of thousands of jobs would be lost in Alberta and nationwide.

The premier emphasized that a 50% tariff on the 4 million barrels of oil exported daily to the US would lead to immediate retaliation from the US, with tariffs ranging from 50-100% imposed on Ontario and Quebec's oil imports. This, she claimed, would 'bring the economies of Ontario and Quebec to a grinding halt.'

Smith suggested that instead of trading tariff blows, Canada should focus on what it can control and do. She proposed relief measures for businesses, including rolling out financial lifelines, introducing an aggressive capital cost allowance regime, and cutting capital gains taxes for reinvestment in Canada.

The premier also emphasized the importance of buying Canadian, encouraging inter-provincial trade, and renewing efforts to find international trading partners. She stated that 'Canada will not win this battle through brute force,' but by being smarter, more strategic, and using its reputation and relationship with the American people to have tariffs reversed.