In Canada’s East Coast seafood industry, there is a sense of relief following the federal government’s decision to exclude U.S. fish and seafood products from its list of items subject to counter-tariffs. This change, announced late on Wednesday, was made in response to feedback received by the government.
The adjustment came after the government imposed counter-tariffs on $27.6 billion worth of U.S. goods following the U.S.’s imposition of 50 per cent tariffs on similar goods over the weekend. The initial list of goods targeted for tariffs included many seafood products taxed at a 25 per cent rate.
The seafood industry expressed concerns that these countermeasures could have severely impacted their businesses. Gilles Thériault, former president of the New Brunswick Crab Processors Association, stated that the Atlantic fisheries industry was relieved by the removal of the seafood tariffs.
Nat Richard, executive director at the Lobster Processors Association, noted the significant integration of the industry across the U.S.-Canada border, with American-caught lobster often processed in Canada before being exported back to the U.S. for sale. The 25 per cent tariffs would have made processing in Canada economically unfeasible, risking the closure of numerous processing plants.
Kris Vascotto, executive director of the Nova Scotia Seafood Alliance, highlighted that nearly all seafood items imported by Canada were on the retaliatory tariff list, posing a broad impact on the industry. Joanne Losier, executive director of New Brunswick Crab Processors, expressed concern about potential retaliatory tariffs from the U.S. that could target the Canadian seafood industry.
Although the seafood tariffs were dropped, the federal government stated it would maintain its response against U.S. products on a dollar-for-dollar basis. Additional products like copper wire and charcoal were added to the tariff list to ensure a balanced impact. Minister of Finance François-Philippe Champagne emphasized that the decision to update the list was made in Canada’s best interests, following feedback from Canadians.