May 05, 2026
More focus on effects of U.S. tariffs and global volatility on Canadian jobs needed in Spring Fiscal Update
Unifor
|April 28, 2026
OTTAWA – The federal government’s spring fiscal update includes a number of important advances including in the area of worker training but presents an overly-optimistic view of Canada’s economic health, as millions of workers face ongoing uncertainty amid U.S. trade tensions, public sector cost-cutting, affordability challenges and global political instability, says Unifor.
“In surveying the economy, Canadians must understand that a smaller budget deficit is not a proxy for strong economic health. With tariffs delaying major industrial investments, and federal program cuts impacting public services, Canadian workers are at the pinch-point,” said Unifor National President Lana Payne. "Across the country, industries and the communities they support are either teetering on the edge of collapse or are directly in Trump’s crosshairs.”
The Spring Update tabled in the House of Commons reduces Canada’s forecasted budget deficit to $67 billion for the 2025-2026 fiscal year, a 14 per cent reduction to the initial budget deficit forecast in November 2025. The government credits Canada’s supply chain resilience, tariff exemptions for certain goods under the Canada-U.S.-Mexico trade agreement (CUSMA), and planned business investment as positive economic growth factors. However, for Canada’s industrial sector, there is persistent uncertainty in the face of U.S. tariffs. This is clear in a number of critical sectors like manufacturing, auto, forestry and steel.
“We can’t present today’s economic climate as anything other than uncertain for far too many working people,” Payne said. “Economic growth over the past year has been weak and is not likely to get better as global instability continues.”
Among the list of new measures outlined in the Spring Update are new monies allocated to attract tens of thousands of young Canadians into the Red Seal Skilled Trades, including through wage subsidies, training top-ups and bonuses, which is welcome news, and a positive labour market development program.
Worryingly, the federal government has also announced its intent to further pursue airport privatization schemes – first announced in Budget 2025, which raises serious concerns for Unifor members. In a recent letter to Cabinet Ministers, Unifor expressed opposition to any financialization program designed to provide monopoly rent-seeking opportunities without creating value for the public. Airports should operate for the interests of those who rely on safe and affordable air transport, not of shareholders. In this regard, Unifor believes airports and the services they provide are in the public good and should therefore be public entities.
Unifor National President Lana Payne was recently appointed to the new federal Advisory Committee on Canada-U.S. Economic Relations ahead of the Joint Review of the Canada-United States-Mexico Agreement (CUSMA).
Unifor outlined a three-point strategy to Protect Canadian Jobs during the union’s recent federal lobby week, when members and leadership met with MPs across party lines.
Visit protectjobs.ca for the latest on U.S. tariffs and how workers and communities can take action to support Canadian jobs and industry.
Unifor is Canada’s largest union in the private sector, representing 320,000 workers in every major area of the economy. The union advocates for all working people and their rights, fights for equality and social justice in Canada and abroad and strives to create progressive change for a better future.
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May 05, 2026
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