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3-Minute Market Insight

EP 731 | AIRED 03/10/2025

Tariffs in Limbo, Supply Chains, Market Pressures; Key Updates on Current & Upcoming Global Fisheries

March 10th, 2024 - In early March, President Trump imposed major tariffs on Canada, Mexico, and China, triggering swift retaliation and escalating trade tensions. The EU criticized the move, however at the time of reporting, has yet to respond with countermeasures. Global markets should be preparing for supply chain disruptions, rising prices, and broader economic fallout.

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Our recommendation is that buyers secure as much product as you require that is already in the U.S. or Canada - that is until President Trump stirs the pot enough for the cauldron to boil over. Lent runs until April 17, which could further strain domestic seafood inventories if cross-border shipments slow.

As the trade battle continues to unfold, it may be helpful to stay informed on current and upcoming fisheries landscape, so here’s a quick snapshot of major fisheries.

Alaska's Pacific cod fishery has harvested over 50,000 metric tons (or over 30% of the total allowable catch), while pollock landings have exceeded 340,000 metric tons (or over 23% of the TAC). In Russia, Pacific cod harvests stand at over 26,000 metric tons (or 19% of the TAC), with pollock at about 570,000 metric tons (or 23% of the TAC). Alaska’s harvest pace matches last year, while Russia's is slightly behind.

Tariff Limbo, Upcoming Major Fisheries

The Norway-Russia Atlantic cod fishery has harvested approximately 50,000 metric tons this year, slightly behind last year’s pace, while Icelandic cod landings are estimated at 40,000 metric tons, matching last year’s levels. Overall, global Atlantic cod landings are expected to be lower than last year.

The Pacific halibut fishery is supposed to open March 20th and there will be less halibut for the market this year due to the 16% coastwide catch limit reduction, bringing total harvest down by 5.5 million pounds compared to last year.

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Dungeness crab fisheries from British Columbia Canada down to California are all open, however it may appear likely another year of lower landings. Alaska’s dungeness fishery is currently closed but will open back up in June.

For snow crab, global markets are gearing up for the opening of the world’s largest snow crab fishery in Canada, but uncertainty looms as the U.S. tariff battle unfolds, impacting about 50,000 metric tons the U.S. typically imports from Canada annually. Russia also adds about 50,000 metric tons of snow crab supply annually.

Tariff Limbo, Upcoming Major Fisheries

Meanwhile, Alaska’s snow crab fishery has reopened after a two-year closure, although with a lower limit than previous years, and latest figu res show over 85% percent of the 4.7 million pound TAC already harvested with the season closing May 15. While Alaska crab will stay tariff-free in the lower 48, scarcity and price pressures are inevitable.

The summer salmon season should get going around June and more salmon are anticipated to be harvested this year than last year for both Alaska and Russia - with this year also being a dominant year for pink salmon.

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