Bank of Canada governor says Atlantic Canada is less exposed to U.S. tariffs

Bank of Canada governor says Atlantic Canada is less exposed to U.S. tariffs

Tiff Macklem says inflation is stinging more

The governor of the Bank of Canada says U.S. tariffs are having less of an impact on the Atlantic region's economy than other parts of the country, but inflation is stinging more.

Tiff Macklem told a crowd in Halifax on Monday that places like Nova Scotia aren't immune, but are less exposed to tariffs than provinces such as Quebec and Ontario.

He said Nova Scotia's unemployment rate is less than it was before the COVID-19 pandemic and remains lower than the national average.

Meanwhile, Macklem said the rising cost of oil is having a big impact on Nova Scotia because so many residents heat their homes with furnace oil.

The governor said the Atlantic region is also seeing more investment, with big opportunities in the shipbuilding, defence and energy sectors.

He said the Bank of Canada is starting to see positive, transformative change in the region's economy, but competitors are increasing their efforts as well.

"It is going to take... a sustained effort. It's going to take a multi-year commitment by governments. It's going to take a multi-year investment plan by businesses," said Macklem.

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