Members of Saskatoon’s business community heard that China’s tariffs on Canadian canola oil are the biggest threat to the provincial economy right now.

Finance Minister Jim Reiter attended a Greater Saskatoon Chamber of Commerce luncheon Friday afternoon, where he spoke about the recently released provincial budget and addressed concerns from the crowd.

When asked how detrimental the effects of 100 per cent tariffs would be to Saskatchewan’s canola industry, Reiter responded that “It’s going to be huge. Very, very concerned about that. That’s why you saw the Premier reaching out to the federal government saying they have to talk to the Chinese Government about this.”

He added that there aren’t any specific support measures lined up for producers or those in the canola crushing industry, as the main focus right now is to reach common ground with the Chinese Government.

Despite his concern, he hoped to bring some peace of mind to the business community regarding numerous tariffs.

Although the province’s decision not to include a contingency fund in this year’s budget ruffled the feathers of the official opposition, Reiter says he is confident in his choice to rely on Saskatchewan’s fiscal position to weather any blows dealt by the United States or China.

“The tariffs are changing by the hour almost. Nobody knows what to expect. We still hope that cooler heads will prevail, but if they don’t, we think we’re in a position of strength to help weather that.”

He adds that the government is prepared to borrow money should a prolonged trade war occur, ultimately pushing Saskatchewan into a deficit.

Reiter touched on healthcare, as well, stating that the Official Opposition is wrongfully accusing the province of cutting the healthcare budget.

During Question Period on Thursday, Health Critic Vicki Mowat says $8.022 billion was spent last year, and $8.004 billion was invested this year.

“They’re targeting a part of the budget that shows the forecasted expenditures, but what they’re missing here, and they should know, and if they don’t, is that so many things in there are one-time expenditures, so they don’t factor in.”

He holds firm that the 2025-26 budget, presented on Wednesday, includes record spending in healthcare, as well as education, mental health and addictions, and agriculture.