Another four-year term for Donald Trump in U.S. Whitehouse will likely produce mixed results for Alberta's economy, says a Red Deer Polytechnic instructor.
Trump handily won Tuesday's election to become the 47th president of the United States.
Dustin Quirk, at RDP's Donald School of Business, Science and Computing, said it's too early to predict the impact Trump's presidency.
"Trump’s election platform included calls for reduced regulations and North American energy independence, which could benefit Alberta’s oil and gas producers; however, this will depend on our federal government’s emission targets," said Quirk, in a statement.
"Trump’s past eagerness and current signalling to use tariffs to protect American businesses, along with any “Buy American” policies, could negatively impact Alberta’s agriculture and forestry industries in particular, as these exports to the United States may become more expensive for American buyers."
He said there are also concerns that these tariffs could fuel further inflation in the United States, potentially influencing U.S. interest rates and further weaken the Canadian dollar.
"The Bank of Canada will need to keep a close eye on these developments when setting its overnight lending rate, which may prevent Canadian interest rates on variable mortgages and loans from falling as quickly or as low as previously anticipated."
Quirk said a weaker Canadian dollar will also make travel to the U.S. more costly, and could lead to higher prices in Canada on goods imported from the U.S., such as fruits and vegetables from California.
CEO Scott Robinson, with Red Deer & District Chamber of Commerce, said it's a "wait-and-see situation."
"Certain industries might benefit. In general, there's a recognition that Canada is an important trade partner. That message plays in many of the northern states he won. I think those states would argue they need Canada as a trading partner, including Alberta," Robinson said.
There could also be a large voice from Gulf states about treating Canada differently because of our oil and gas, he added.
Robinson said the U.S. has very low unemployment so they're not losing jobs, but there may be a focus on re-establishing certain industries that have struggled because of international competition.
"That is where Canada as a whole might take a hit, possibly. It's really hard to know."
On Wednesday Premier Danielle Smith congratulated Trump and vice president-elect JD Vance on X.
"Alberta and the United States have a long standing trading partnership that has strengthened both economies and improved quality of life in both jurisdictions," Smith said on X.
"Alberta is a critical part of North American energy security as the single largest supplier of crude oil and natural gas to the United States – providing twice as twice as much as Mexico, Saudi Arabia and Iraq combined. We look forward to reinforcing Alberta’s ties in the United States and working together with the new administration on this partnership."
When asked about the federal government's message to industries rattled by the uncertainty created by Trump's win, Innovation Minister François-Philippe Champagne's message was: "Let's be calm."
He said the Liberal government laid the groundwork during the last Trump administration and that will help protect Canadian interests. As evidence, he said members of Trump's team were already responding to his texts Wednesday morning.
"The work that we've done is paying off. We have a relationship. They understand how strategically important we are in critical minerals, in semiconductors, in the energy sector. We will make the case for Canada. We made it last time," Champagne said.
In a statement from the Canadian Chamber of Commerce, president and CEO Candace Laing re-affirmed the organization's commitment to working with the federal government to foster a robust and mutually beneficial economic relationship with the United States.
"With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border − enabled by the Canada-United States-Mexico Agreement (CUSMA) − remains essential for the economies of both countries," Laing said.
She said the federal government must collaborate effectively with the Trump administration to preserve and strengthen the bilateral economic partnership.
"By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security."
— with files from The Canadian Press
