The New Brunswick government’s plan to soften the blow expected from U.S. tariffs is getting mixed reception from parts of the province’s business community.

Premier Susan Holt announced a $162 million plan on Tuesday that includes programs aimed at helping businesses diversify their markets, supports laid-off workers, and offers capital loans to companies affected by the tariffs.

The announcement came the same day the United States imposed sweeping 25 per cent tariffs on all imports from Canada, except for energy imports, which are subject to a lower 10 per cent tariff.

“I think that Premier Holt’s four-pillar approach is quite strong. It’s thorough,” said Shannon Merrifield, CEO of the Saint John Region Chamber of Commerce, speaking on Information Morning Saint John.

“Businesses are going to need support to stabilize the market [diversification] that’s going to be coming our way in the next little bit, and of course, I’ve always loved and always felt strongly towards … support local.”

Saint John is particularly vulnerable to U.S. President Donald Trump’s tariffs, considering the city sends 96.3 per cent of its exports into the U.S.

The amount of petroleum, wood and seafood products the city exports south of the border makes Saint John the most at-risk Canadian city in the face of tariffs, according to the Canadian Chamber of Commerce.

Merrifield said considering how many jobs are tied to exports, lay-offs in Saint John are expected in the weeks and months ahead.

“Unfortunately, I think it’s a reality that we’re going to have to face … with this significant trade war.

“There will be job losses and businesses are going to have to cut costs to offset tariff impacts. You know, many companies are already under pressure from inflation and economic uncertainty, so this is going … to add to it even more.

LISTEN | Businesses in the Saint John region brace for impact as U.S. tariffs take effect:

Information Morning – Saint John8:27Tariffs to hit the region hard

Saint John may be one of the Canadian cities most vulnerable to the new tariffs out of the U.S. We take a closer look at the impact with Shannon Merrifield the CEO of the Saint John Region Chamber of Commerce.

Hoping for more from province

Holt’s plan to help stave off the effects of U.S. tariffs is a good start, said James Ponting, co-owner of Craft Coast Canning, a Fredericton company which labels and sells aluminum beverage cans to alcohol producers.

However, he said the plan doesn’t go far enough by just providing businesses with working capital loans — if they only go as far as helping cover payroll costs or offset a slump in sales.

Instead, he said the province should be spending more money to help businesses grow, and compete, at a national or global level.

“For some companies, even small ones like myself, you know, projects might, might cost 10-, 20-, 30-, 40-, 50-million dollars or more to really set businesses up to be able to thrive and compete in this new economy that we’re talking about creating,” Ponting said.

“And I do think that that if we want to do that here in New Brunswick, the government will need to play a role in providing that type of access to capital to New Brunswick companies.”

Full impacts of tariffs still unclear

It’s difficult to know exactly the kind of help that will be needed to weather the tariffs, considering they only just took effect, said Blair Hyslop, co-CEO of Mrs. Dunster’s, a New Brunswick-based baked goods business.

“We’re going to have to put our prices up to some degree and that’s going to affect sales, but you know, is it going to mean are we going to lose 20 per cent of our business, or five or two? Like, we really don’t know,” said Hyslop, speaking on CBC’s Shift.

When it comes to the plan laid out by Holt on Tuesday, “I would say the framework is good,” he said.

Hyslop said it’s good to see programs aimed both at businesses and workers, adding he appreciates the province’s push for people to buy local.

However, he said it will take some time to see whether the plan offers much benefit to his business.

“The devil’s in the detail in terms of how these things are going to be rolled out. But I think that, you know, how that matches with our need, we don’t know yet because we don’t know what our needs are.”