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 Wednesday following public feedback. This decision followed the imposition of counter-tariffs on $27.6 billion worth of U.S. goods after trade talks collapsed, with many seafood products initially facing a 25% tax rate.
Industry leaders were concerned about the potential impact of these countermeasures, particularly on the seafood business. Gilles Thériault from the New Brunswick Crab Processors Association expressed relief at the removal of tariffs from the list. The interconnected nature of the industry across the border was emphasized by Nat Richard, representing the Lobster Processors Association, where American-caught lobster is processed in Canada before being exported back to the U.S.
The Nova Scotia Seafood Alliance highlighted the extensive reach of retaliatory tariffs on seafood imports, potentially affecting various industry segments. Joanne Losier from the New Brunswick Crab Processors echoed worries about the industry becoming a target for further tariffs. The hope remains that the U.S. will not impose tariffs on snow crab, which accounts for over 90% of Canada’s exports to the U.S.
Despite the removal of some tariffs, Canada maintains its commitment to matching U.S. tariffs. The federal government added copper wire, charcoal, and other items to the counter-tariff list to ensure a proportional response. Minister of Finance François-Philippe Champagne emphasized that the decision was made in Canada’s best interests, reflecting feedback from Canadians. The government’s stance aims to uphold a balanced approach in trade relations with the U.S.