Canada’s East Coast seafood industry is relieved as the federal government has excluded U.S. fish and seafood products from its counter-tariffed items list. The adjustment was announced late on Wednesday in response to feedback, following the imposition of counter-tariffs on $27.6 billion worth of U.S. goods. This retaliation was in response to new 50% tariffs imposed by the U.S. after failed trade talks over the weekend.
Previously, many seafood products were on the list, subject to a 25% tax rate. Industry leaders expressed concerns that these countermeasures could have severe repercussions on the seafood business, which had not been involved in the trade war until the recent announcement.
Gilles Thériault, former president of the New Brunswick Crab Processors Association, expressed relief on behalf of the Atlantic fisheries industry. Nat Richard, executive director at the Lobster Processors Association, highlighted the extensive cross-border integration in the industry, particularly involving Canadian processing plants for American-caught lobster.
The potential 25% tariffs could have made processing in Canada economically unfeasible, according to Richard. He warned that plant closures and job losses could have been imminent. Kris Vascotto, executive director of the Nova Scotia Seafood Alliance, emphasized the broad impact of retaliatory tariffs on nearly all seafood items imported by Canada.
Joanne Losier, executive director of New Brunswick Crab Processors, voiced concerns about the industry being targeted by tit-for-tat tariffs from the U.S. She stressed the importance of maintaining the untariffed status of Canada’s snowcrab exports to the U.S.
Despite the removal of some seafood tariffs, Canada will continue to match U.S. tariffs dollar-for-dollar. Additional products like copper wire and charcoal will now face a 50% tariff starting September 8 to ensure this parity. Minister of Finance François-Philippe Champagne stated that the decision to adjust the list was made in the best interests of Canada after listening to Canadians.