N.B. premier ends weekly tariff updates, says situation has ‘somewhat stabilized’

Susan Holt says the government will come up with a new way to regularly update the tariff situation.

New Brunswick Premier Susan Holt has been providing weekly updates on her province’s response to U.S. tariffs for more than two months, but says she will be scaling back the news conferences as the situation has “somewhat stabilized.”

Holt cited the newly-elected federal government as one of the factors that have led to a more stable playing field.

“The level of threat that prompted us to provide regular updates has diminished,” she said.

Holt noted they will return in roughly two weeks after receiving feedback from the public on the best way to proceed with future tariff updates. She also noted a New Brunswick delegation will soon go to Ottawa to lay out the province’s needs to the federal government.

As the trade war between Canada and the United States progressed through the winter and spring, Holt advocated for a “free trade zone” in Atlantic Canada, which would allow for the unencumbered trade of goods and services among Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador.

In the last month New Brunswick has signed free trade memorandums of understanding (MOUs) with Ontario and Newfoundland and Labrador.

“The value (of MOUs) is in the removal of barriers,” Holt said. “I want to strike while the iron is hot.”

Holt thanked New Brunswickers for buying local amid the trade war and encouraged them to keep it up. She also urged locals to spend their vacation time in the province, noting that they have seen an uptick in tourism bookings this season.

NB Power

On Wednesday the Holt government removed the 2029 deadline for NB Power to reach its target debt-to-equity goal. The premier said they want to spare residents from further rate increases while also working on a long-term plan to make the public utility sustainable.

“New Brunswickers need action now so we’re taking steps like the removal of the 2029 deadline while doing the work that has been neglected,” Holt said. “It’s that balance of providing the support in the interim and doing the work…to stop kicking the can down the road.”

Last month NB Power raised residential rates by 9.7 per cent. Holt said the 2029 deadline was contributing to the increases, so the government removed it to avoid another serious spike next year.

“NB Power’s debt has stayed at the same level for a number of years,” Holt said. “We can’t keep going on the path we’ve been going. This is a move aimed at next year. No New Brunswicker wants to see a double digit increase next April.

“We need to find ways to diminish the impact on New Brunswickers while doing the work to change course.”

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