Many losers, but one big one

Shrimp clearly fared the worst from Wednesday’s news, in large part because many major suppliers already had trade hurdles in the United States.

Willem van der Pijl, owner of market analyst Shrimp Insights, released analysis showing effective rates for shrimp imports into the US by country, including antidumping and countervailing duties. It’s beyond ugly. The top exporter of shrimp to the US market, India, will face 34.26 percent combined duties and tariffs at the US border.

Other major suppliers have it worse. Vietnam shrimp exports will face 74.6 percent duties and tariffs; Thailand will face 36 percent and Indonesia will face 35.9 percent.

Even Ecuador, theoretically one of the “winners” in the new round of tariffs, will face 13.78 percent duties.

An aggressive suite of tariffs announced Wednesday by President Donald Trump will significantly complicate the Federal Reserve’s job as it struggles to quash inflation and avoid an economic downturn, and could further stall seafood sales rebounding in the United States.

“They’re basically our worst-case scenario,” a chief economist at KPMG told Bloomberg.

Trader : No-one can absorb these tariffs

Gulkin said they he was still awaiting clarification on the effective date of the tariffs, but that there was no way around the impacts.

“Seafood is a business with very small margins,” he said. “No processor, exporter or importer has the wherewithal to absorb 25 percent or higher tariffs. The tariffs will have to be passed onto the consumer and consumption will drop markedly as a result of the substantially higher prices.”

A price rise for the end consumer

“The United States is an important market for Sealord orange roughy and toothfish and we think that the impacts will be slightly different for each species,” said Paulin.

For orange roughy, the fishing and aquaculture giant thinks the tariff will add about $0.50-$0.70 to the price for the importer.

“While this is not insignificant, it should flow into the market in the form of price rises for the end consumer and given all imported seafood will have this imposed, we are not expecting huge volume downside,” he said.

Chile salmon industry eyes further talks to reduce tariff impact

Importers of Chilean salmon will pay a 10 percent tariff versus 15 percent on Norwegian fish under the Trump tariff plan.

The Chilean salmon sector is analyzing the announcement in detail and its implications once it is implemented, Clement said.

“We also hope that we can reach agreements that minimize the negative effects for Chile and its export industry,” he said.

Chile and the United States have had a free-trade agreement in place since the beginning of 2004, exempting most things from tariffs except for items such as luxury goods.

“We trust in dialogue as a key tool to avoid impacts that harm both our sector and the national and international economy,” Clement added.

US wild shrimp producers cheer tariff hammer on imports

The Southern Shrimp Alliance (SSA), which represents producers of US wild shrimp caught in the Gulf of Mexico, applauded the Trump administration on Wednesday for imposing stiff tariffs on 96 percent of shrimp imports.

“We’ve watched as multi-generational family businesses tie up their boats, unable to compete with foreign producers who play by a completely different set of rules,” said John Williams, executive director of the Southern Shrimp Alliance.

“We are grateful for the Trump Administration’s actions today, which will preserve American jobs, food security, and our commitment to ethical production.”

America’s largest seafood trade group sounds the alarm

The National Fisheries Institute (NFI) said the Trump administration’s “Liberation Day” tariffs will hit the seafood industry and consumer hard.

“While we are encouraged by exemptions on reciprocal tariffs for some countries, like Canada and Mexico, tariffs will raise the cost of seafood, making the healthiest animal protein on the planet less available and more expensive,” NFI President Lisa Wallenda Picard said in a statement Wednesday afternoon.

“Meanwhile, the tariffs could threaten many of the 1.6 million American jobs that, according to the federal government, US commercial seafood companies support.”

Pangasius imports will feel tariff pain

In 2024, 112,000 metric tons of frozen pangasius fillets were imported into the US market, worth $324.2 million (€297 million).

The fish is a major competitor in the US market with other value whitefish, potentially giving an opening for other species.

Assuming the newly announced tariff rates were applied evenly across last year’s imports, the per kilogram price of pangasius would have been over $4.20 (€3.85), as opposed to the actual value of $2.88 (€2.63) per kilo.

Overwhelming majority of US shrimp imports will be hit hard by tariffs

Nations supplying the United States with the majority of its shrimp are facing stiff tariffs, according to a plan announced Wednesday by President Donald Trump.

In his so-called “Liberation Day” speech from the White House, Trump announced tariffs of at least 10 percent on practically all goods coming into the United States, and higher rates on countries that have the highest trade deficits with the United States.

Among those countries with the higher rates are all of the major shrimp exporting nations, including Thailand, Vietnam, India, Ecuador, Indonesia and Bangladesh. Collectively these countries supplied more than 714,000 metric tons of the total 760,000 metric tons of shrimp the United States imported in 2024.

Tariffs of 46 percent will be placed on imports from Vietnam, India 26 percent, Thailand 36 percent, Indonesia 32 percent, Bangladesh 37 percent and 10 percent on Ecuador.

Chile gets an edge over Norway on tariff rates

The salmon landscape in the US is shifting.

Trump’s reciprocal tariff rates turned out to be a relief for Canadian seafood exporters to the US, which were previously threatened with 25 percent duties.

Instead, Trump said Wednesday goods that were covered under the pre-existing USMCA trade agreement — which includes seafood — would not face any additional tariffs.

That’s great news for Canada, which just a day ago was facing the prospect of being priced out of its most important market. Other salmon exporters to the US face a tougher hit, however. Norwegian seafood exports to the United States, for example, will face a 15 percent tariff, according to the new rates.

That puts the country at a disadvantage over Chile’s salmon exports to the US market, which will now face a 10 percent tariff. Salmon suppliers in the UK, New Zealand and Australia will all also face 10 percent rates.

Iceland and the Faroe Islands, which were not included on the table of reciprocal tariffs, will face 10 percent duties on their exports to the US, based on the Trump Administration’s announcement that all countries not listed would be hit with the 10 percent rate.

Peru fishmeal, fish oil producer relieved at 10% tariff

Importers of products from Peru, a leading supplier of raw material for fishmeal and fish oil, will pay an additional 10 percent tariff on goods brought into the United States under the Trump plan.

“There are countries that are much more affected,” the executive said.

Brazil tilapia producers want to see fine details

“We have to evaluate the tariffs applied by Trump, mainly to Colombia and China, then we can assess whether or not we will lose,” Francisco Medeiros, President of Brazilian aquaculture producer trade body Peixe BR.

Medeiros was speaking after US President Donald Trump announced an across the board 10 percent tariff on Brazilian products.

The United States is Brazil’s largest export market for tilapia.

Trump announces tariffs

Are seafood investors ready for the ride?

There are only a limited number of publicly listed, broadly traded shares in the seafood sector. The majority of them trade on the Oslo Stock Exchange, so it serves as a good bellwether for investor sentiment.

Since the election of US President Donald Trump, and in particular his threats of tariffs, shares of several major public seafood companies have slid. For example: the Oslo Seafood Index, which includes major companies Mowi, Bakkafrost, Salmar and other majors (see below), has fallen dramatically since hitting a 2025 high on Jan. 30.

Investors have been increasingly nervous as April 2 nears. Individually, none of the shares in the index rose on Wednesday trading, ahead of Trump’s expected tariff announcements:

Stein Alexander Aukner, head of equity research at DNB, projected prior to Trump’s Wednesday announcement that investors appeared to understand how additional tariffs may impact seafood companies and their shares.

“The market is however well aware of the risk it seems.”

Mexico not planning tit-for-tat tariffs

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Scale of damage the only question

Tariffs on salmon imports ‘wouldn’t really help anyone,” says Atlantic Sapphire founder

Johan Andreassen, the founder of land-based salmon pioneer Atlantic Sapphire in Miami, has warned US tariffs on salmon imports would just make food more expensive, and would not be beneficial to anyone.

“There’s a lot of noise right now about a new trade war and possible tariffs — and I get why people in seafood are nervous,” said Andreassen.

However, he said any tariffs placed on salmon imports would go against common sense, since the US does not produce nearly enough to cover its own needs, and would only result in higher food costs for consumers.

Andreassen drew parallels with comments made recently by United States Secretary of Commerce Howard Lutnick on the All-In DC podcast regarding mangoes.

“We can’t grow mangoes in America… If you put a tariff on a mango, that’s just a consumption tax… The idea is to choose things that are going to reshore,” said Lutnick.

Andreassen said it is the same situation with salmon.

“Yes, the US is producing some — and I know first-hand how hard that is. But we’re still far from producing enough to cover what the market needs,” he said.

“So putting tariffs on salmon imports wouldn’t really help anyone. It would just make food more expensive. Feels like common sense, honestly.”

A lot of inadvertent consequences

The biggest threat to Ireland’s seafood sector from potential US trade tariffs will largely come from the knock-on effects to the purchasing power of the country’s consumers, according to Bord Iascaigh Mhara (BIM), Ireland’s seafood development agency.

Total seafood exports from Ireland amounted to €683 million ($738.2 million) in 2024, according to BIM. But the vast majority of these head to European Union countries.

In comparison, total seafood exports from Ireland to the United States in 2024 amounted to just €7.6 million ($8.2 million), with the majority of this value associated with seaweed or algae.

However, the biggest effect of these tariff wars could be a reduction in consumer purchasing power and other indirect shifts in market dynamics, Donnelly said.

Vietnam, India offer concessions to appease Trump administration

Many of the countries most at risk of Trump’s threatened tariffs are in Asia.

Vietnam has the the third-largest trade surplus with the United States and is a major supplier of pangasius, shrimp and tuna to the market. On Tuesday, the Vietnamese government said it would cut import duties on a range of products including cars, food products, and liquefied natural gas in an attempt to appease the United States ahead of an announcement.

Canada and Mexico strengthen trade ties

Canada’s Prime Minister, Mark Carney, spoke with the President of Mexico, Claudia Sheinbaum on April 1 “discussing the importance of building upon the strong trading and investment relationship between the two countries, to benefit Canadians and Mexicans alike,” according to a press release from the Prime Minister’s office.

Carney also highlighted his plan to fight unjustified trade actions against Canada, protect Canadian workers and businesses, and build Canada’s economy, including through increased trade between Canada and Mexico.

The leaders agreed that ministers and senior officials will continue to work together to advance shared priorities and remain in close contact.

Canada focuses on domestic consumers as it awaits tariff results

Keith Sullivan, the executive director for the Newfoundland and Labrador Aquaculture Industry Association (NAIA) said Tuesday Newfoundland and Labrador and the rest of Canada are hopeful for a resolution to the trade disruptions.

In the meantime, the country’s seafood industry is focusing on diversifying its market, he said.

“All producers are focusing on the domestic Canadian market,” he explained. “there are increased opportunities to promote more of local seafood across the country.”

” Beyond that, it largely depends on individual species and logistical constraints. Some producers are investigating direct flights from Newfoundland and Labrador to Europe.”

Nova Scotia reaffirms opposition to tariffs

Last month, Smith told IntraFish that planning for his province’s seafood industry has been plunged into chaos by the helter-skelter nature of how the Trump administration is imposing and then suspending tariffs.

Canada’s Nova Scotia region exports just over CAD2.5 billion (€1.6 billion/$1.7 billion) worth of seafood worldwide annually, with half of that going to the US market. Lobster accounts for the lion’s share, but the province also exports crab, scallops, halibut and shrimp.

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Barriers for US trade detailed in official report

The United States Trade Representative (USTR) has released its 2025 report on barriers to foreign trade.

The report details areas of concern to doing business in the largest export markets for the United States, covering nearly 60 trading partners.

It includes entries on important seafood supplying nations such as Chile, Canada, Ecuador, India and Norway.

The report broadly defines trade barriers as government laws, regulations, policies, or practices—including non-market policies and practices—that distort or undermine fair competition.

These include measures that protect domestic goods and services from foreign competition, artificially stimulate exports of particular domestic goods and services, or fail to provide adequate and effective protection of intellectual property rights.

Seafood makes several appearances in the document, with the USTR pointing out barriers in countries and blocs including the European Union, China, the United Kingdom and Japan, among others.

Tariffs will start immediately

Just a day away from the wide-ranging implementation of tariffs on products exported into the United States, the White House said Tuesday the tariffs take effect immediately once they are announced.

Salmon Scotland CEO: ‘Avoid the jumping around and gnashing of teeth’

“The US administration’s position does change very regularly,” he said. “Until we know what the tariffs are and if they will apply to Scottish salmon exports it is important not to overreact.”

Scott expressed confidence in both US consumers’ appetites for Scottish products and strong business relationships with exporters, adding: “The US market will remain important no matter what.”

“We take an optimistic view of the coming months and years,” he said. “It’s important to remember that US administrations come and go and policies may change. We should take a long term view and avoid the jumping around and gnashing of teeth.”

Salmon Scotland agrees with the UK Prime Minister’s “calm and collected” approach, Scott said: “This is not a time for panicking.”

‘We have a strong plan to retaliate,’ says EU

The European Union has a “strong plan to retaliate” against incoming US tariffs, President of the European Commission Ursula von der Leyen said in a speech to the European Parliament in Strasbourg on Tuesday, but added the bloc would prefer to negotiate a solution.

So far, the US administration has announced tariffs on imports of steel, aluminum, cars and car parts. The next sectors facing tariffs will be semiconductors, pharmaceuticals and timber. And on Wednesday the world is expecting an announcement on so-called ‘reciprocal’ tariffs that will immediately apply to almost all goods and many countries in the world.

While von der Leyen accepted there are “severe issues” in the world of trade, she warned tariffs “make things worse, not better” by fuelling inflation and costing jobs.

She said EU Member States would assess tomorrow’s announcements carefully to calibrate a response, while adding “all instruments are on the table.”

“Our objective is a negotiated solution,” she said. “But of course, if need be, we will protect our interests, our people and our companies.”

Noting that a trade war is in “no one’s interest”, von der Leyen said the EU was willing to work with the US on the trade balance of goods as well as services.

“We would all be better off if we could find a constructive solution,” she said. “At the same time, it also has to be clear: Europe has not started this confrontation. We do not necessarily want to retaliate, but we have a strong plan to retaliate if necessary.”

UK Prime Minister promises ‘calm and collected’ response to tariffs

He stressed his wish to avoid a trade war but promised to “act in the national interests,” and said that “all options remain on the table” in terms of a response.

Starmer also said ongoing trade negotiations with the US which seek to exempt the UK from tariffs are “well-advanced,” although it is unclear when businesses will see evidence of this.

“I do believe we can not only get to a place where we are avoiding tariffs on each other but we’re also actually strengthening that trade relationship, getting more access for UK businesses to the US market.”

New alliances forming

The countries are all important global customers for US seafood producers.

Trump says tariffs will be ‘very nice,’ lower than what is expected

In a news conference late Monday, Trump stated in reference to his reciprocal tariffs, he will be nicer to other countries than they are to the United States.

“We are going to be very nice by comparison,” he said, not referencing any specific country. “The numbers will be lower than what they are charging us, and in some cases, maybe substantially lower.”

“Relatively speaking, we’re going to be very kind,” he said.

“There are no tariffs if you build your product in the USA,’ he reiterated.

What seafood makes the ‘Dirty 15’ list?

US Treasury Secretary Scott Bessent helped clarify — somewhat — which countries could be targeted the most when Trump announces reciprocal tariffs on April 2.

The US trade balance in seafood is even more dramatic, given that the country imports upwards of 80 percent of the seafood it consumes in a given year.

Ecuador makes preemptive tariff strike

The Ecuadorian government removed tariffs on shrimp imports from the United States in an effort to prevent similar tariffs from being imposed on its shrimp exports to the United States in the latest round of the Trump Administration’s trade war.

Countries should look to Mexico for how to respond to Trump

“I still believe Trump will continue to use tariffs, and especially the threat of tariffs, as a negotiating weapon,” he said.

“I still think he will be shy in rolling out tariffs or, if he does, he will be quick to pull them back. He is using tariffs to get concessions … because he can. I suggest we are better off focusing on our businesses and not on all the noise.”

The seafood executive pointed out the US president is using tariffs as a means to level the playing field, saying the US has one of the “lowest tariff rates when applied as a weighted mean against all products” at 1.5 percent.

“Most countries have rates much higher with several countries into double-digit rates,” he said.

He said tariff threats are a way to open foreign markets to American manufacturers that have previously been closed out due to tariffs on American products.

“Foolish countries like Canada appear more interested in ‘jumping into the ring’ and going a few rounds with heavy talks of retaliation,” said O’Brien. “Mexico is showing far more smarts than Canada.”

Ecuador cuts tariffs on US shrimp imports, trying to avoid Trump retaliation

The Ecuadorian government removed tariffs on shrimp imports from the United States in an effort to prevent similar tariffs from being imposed on its shrimp exports to the United States in the latest round of the Trump Administration’s trade war.

Jose Antonio Camposano, executive director of Ecuadorian shrimp producers trade association CNA, told IntraFish Ecuador’s Foreign Trade Committee (COMEX) removed a 30 percent tariff on imports of shrimp from the United States on March 28 at the urging of CNA.

Tariff fatigue leaves stock market in limbo

The major US stock exchanges were mixed on Monday as investors prepared for the fallout of the Trump administration’s April 2 rollout of tariffs on leading US trading partners.

In midday trading, the Dow was up more than 130 points, or 0.32 percent. The S&P 500 was lower by 0.46 percent and the Nasdaq Composite slid 1.31 percent. Major stock markets in both Europe and Asia moved down on Monday.

‘Don’t shoot until you see the whites of their eyes’

California’s Southwind Foods is one of the largest suppliers of frozen value-added seafood to some of the biggest retail, foodservice and distribution companies in the United States.

Southwind Foods President Sam Galletti said the company is waiting and ready to adapt to what comes and will know what to do only when the tariffs are put in place.

“You know the old saying: don’t shoot until you see the whites of their eyes,” Galletti said.

Ultimately, the consumer will dictate what will happen, Galletti added.

Importers are reluctant

“Whether that clarity happens on April 2 or we continue this back and forth with tariffs on, tariffs off, ad nauseum, is unsure,” the importer said.

Uncertainty is the nemesis of exporters and importers, and currently companies reliant on trade “are in a state of purgatory now and not sure which way to turn,” the importer said.

“Anything can happen, anything can change, there is simply no clear direction. Impossible to calculate risk if there are no rules.”

Europe looks for options

Holding pattern for Canada

Canada’s new prime minister, Mark Carney, said Friday on X (formerly known as Twitter) that he had a “productive” conversation with President Trump, though he gave few details. He did, however, warn that Canada would implement counter-tariffs onto US goods if the tariffs indeed go forward April 2.

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The At-Sea Processors Association and the Pacific Seafood Processors Association, which represent major Alaska and US West Coast processors, warned the Trump administration that the state’s seafood exports are vulnerable to retaliatory trade tariffs that could greatly impact seafood businesses.

“While our industry is working hard to grow domestic demand, for the foreseeable future the viability of our industry will depend on our access to key export markets,” two leading seafood trade associations told the administration.

Approximately two-thirds of Alaska’s seafood production, by value, is exported, the associations said.

“Access to these consumers helps US harvesters remain competitive, promotes sustainability by utilizing the full catch, and reduces food waste,” the association said.

“US seafood is widely recognized as safe, sustainable, and of premium quality, allowing exporters to maximize value in key markets like Europe, China, and the Americas. This demand has historically helped stabilize US harvesters through economic downturns,” said NFI.

The NFI said it supported the Trump administration’s trade seafood strategy from 2020, and urged the administration to return to those policies.

The trade association said in recent years “a combination of longstanding and newly imposed trade restrictions—including tariff and non-tariff measures— has allowed competitors such as Canada and Chile to gain market share at the expense of US producers.”

“China’s retaliatory tariffs, for example, have made it far more difficult for US seafood to compete, while restrictive import measures in key markets such as the European Union, Japan, and Brazil have further eroded access for American producers. The result should surprise no one: US seafood exports have declined to their lowest levels in over a decade.”