Workers at a mine. Photo Courtesy of Yukon Chamber of Mines/Facebook.
Whitehorse, YT – As President Donald Trump’s threat of 25 percent tariffs on Canadian goods looms, Yukon’s mining industry is exploring local solutions to mitigate their potential impact.
The Yukon Chamber of Commerce (YCC) notes that the mining sector relies heavily on U.S.-sourced equipment and supplies.
Luke Pantin, YCC Executive Director, says tariffs and retaliatory tariffs would mean the mining industry would face decreased competitiveness in U.S. markets, discourage trade revenues and discourage investments in Yukon’s mining industry.
“Tariffs would end up delaying projects and reducing profitability which would be a deterrent for investment and evidently weaken our economic growth in Yukon,” said Pantin.
Jonas Smith, the Executive Director of the Yukon Chamber of Mines, says that it’s hard to determine what exactly the tariffs could mean for the mining industry and their suppliers.
“At the end of the day, I think it’s important that we need to focus on the things that we can control,” said Smith.
Smith argues that improving the permitting regime and streamlining project approvals would help make Yukon’s mining industry more globally competitive.
Broadening Yukon’s market opportunities beyond the United States could also help the mining sector in the future.
“The world needs critical minerals. The Yukon has them,” said Smith. “If we’re in a position that we can sell to markets anywhere in the world, not just the United States, we’re in a better position to weather future storms.”
