A lot of anxiety in Canada: Newfoundland and Labrador’s seafood industry will see a big hit if Trump follows through with tariffs

Published 2024년 11월 27일

Tridge summary

The seafood industry in Newfoundland and Labrador is expressing concern over potential tariffs threatened by U.S. President-elect Donald Trump, who has indicated he will impose a 25% tariff on all Canadian and Mexican exports in response to illegal border crossings and drug entry. This could significantly impact the province, as over 60% of its seafood is sold in the U.S. Industry leaders and politicians are expressing anxiety and planning for alternative strategies, with concerns about the potential for bluffing and the impact on the Canadian dollar and consumer prices. There is some optimism that the federal government may implement stricter measures to address Trump's concerns, potentially allowing for a positive outcome. However, preparations are being made for higher seafood prices and challenges for the industry, with efforts being made to diversify export markets to reduce reliance on the U.S.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

ST. JOHN'S, N.L. — President-elect Donald Trump’s 25 per cent tariff threat is worrying people in Newfoundland and Labrador’s seafood industry. More than 60 per cent of the province’s seafood is sold in the United States. “There's certainly a lot of anxiety right now in the seafood industry, and I'm no exception,” said Labrador Gem Seafoods’ president Danny Dumaresque in an interview with The Telegram on Wednesday, Nov. 27. Fifty per cent of his company’s products are sold to customers in the United States, and includes scallops, lobster and snow crab. Dumaresque said if tariffs are applied on all Canadian and Mexican exports to the United States, it will mean American consumers will have less discretionary income. Paired with a 25 per cent increase in seafood prices, he fears it will mean people will opt out of purchasing his products “in a big way.” “That will be one of the first items to come off their grocery list, or when they go to a restaurant, they'll go for the burgers ...
Source: Saltwire

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