Loading
- Home
- About Tradex
- Products & Services
- Foodservice
- Seafood News
- School of Fish
EP 727 | AIRED 02/10/2025
Looming Trump Tariffs: Advice to Buyers, Snow Crab Market Watch
February 10th, 2024 - The recent 30-day pause on Trump’s tariffs for Canada and Mexico provides a temporary reprieve for seafood importers, particularly those sourcing from those regions. However, with the EU likely to be the next target for tariffs, uncertainty remains high in the global seafood market.
Our recommendation is that buyers stock up on items subject to the 25% tariff if they use them regularly and find current prices favorable, as costs are likely to rise depending on the species.
If you would like assistance navigating products that may be subject to additional tariffs please contact us at Tradex Foods.
Snow crab is particularly a focus topic right now, with the season to begin as early as mid-March. Canada is the world’s largest Snow Crab producer harvesting about 100,000 metric tons annually, so with the US importing about 50% of Canada's harvest, additional US tariffs will significantly impact the market. On top of this, Price negotiations have delayed the fishery’s opening for the past two seasons, and looming U.S. tariffs may be creating issues on the processing side as well.
Alaska Snow Crab is back after a two-season closure, with approximately 30% of the 2,100 metric ton limit landed. Dock prices are around $3/lb, lower than in previous open seasons. Meanwhile, Norway has harvested approximately 30% of its 12,000 metric ton quota, averaging 99 tons per day.
Several major seafood categories such as Pacific Halibut and Atlantic Cod are to see less supply this year, while Wild Salmon from Alaska and Russia are to see higher catches this year.
Advertise Here: advertising@tradexfoods.com
Other major Canadian seafood exports likely to be affected by new tariff policies will be Lobster, Salmon, Shrimp and Prawns, and Halibut.
For Europe, key species to be impacted by new tariff policies are Salmon (particularly Farmed salmon), Mackerel, Tuna, and Herring.
For Mexico, key species to be impacted by new tariff policies are Shrimp, Tuna, Red Lobster, Small Pelagics such as sardines and anchovies, and various other crustaceans.
While China and the U.S. continue imposing new and retaliatory tariffs, economists suggest new measures are fairly modest, and their current trade war is still in its early stages - meaning further escalations are likely.
--- If you’re not already, be sure to subscribe to our 3-Minute Market Insight for seafood updates and insights delivered right to your inbox.