US: China seafood industry veterans expect Trump election to have little impact on sector

Published 2024년 11월 13일

Tridge summary

The reelection of Donald Trump as U.S. president is expected to have minimal impact on China's seafood industry, as the sector has already adjusted to the tariffs imposed during Trump's first term. These tariffs, which peaked at 25 percent, significantly reduced Chinese seafood exports to the U.S. Many exporters have pivoted to other markets. An additional factor is the U.S. ban on Russian seafood, which is processed in China, further diminishing China's processed seafood exports to the U.S.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Members of China’s seafood industry aren’t expecting the reelection of Donald Trump to the U.S. presidency to have a profound impact on their sector, given the impact already felt during the president-elect’s prior administration.During Trump’s first term as president, he implemented tariffs on Chinese goods beginning in 2018, which began at 10 percent for some goods and ultimately escalated to a wider scope of products and eventually increased in some cases to as high as 25 percent on billions of dollars of goods. Xubing Fan, the CEO of Beijing, China-based seafood marketing consultancy Seabridge International, said that most Chinese companies already adapted to tariffs after Trump’s prior term.“I think the previous 25 percent import tax Trump added on China's products including seafood dramatically restrained Chinese seafood exports to the U.S., including farmed tilapia and catfish fillets,” Fan said. Fan said many seafood exporters sought business elsewhere and didn’t return to ...

Source: Seafoodsource