USA: Canada’s largest lobster fishery set to begin amid threat of Trump tariffs

Published 2024년 11월 14일

Tridge summary

Thousands of fishermen in Nova Scotia, Canada, are gearing up for the start of the lobster fishing season, which opens on November 25, in what is considered the most lucrative lobster fishing region in the country. This area, encompassing Licenced Fishing Areas 33 and 34, is the largest and most productive in Canada, accounting for about one-third of the total lobster catch annually. Despite the region's significance, representing over 60% of Canada's lobster exports, which are primarily sent to the United States, there is growing concern over potential tariffs imposed by the incoming Biden administration. These tariffs, aimed at protecting and increasing U.S. manufacturing investment, could negatively impact the industry by making lobster more expensive and driving up inflation. Additionally, the industry is hoping for continued growth in the Chinese market, where exports have seen a significant increase, reaching over $450 million in 2022. The article also highlights the importance of the U.S.-Canada trading relationship and the challenges it could face, such as potential trade disputes, alongside the broader concerns of fishermen regarding the underwater environment, fishing quotas, and market conditions.

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

Original content

Thousands of fishermen are preparing to harvest Canada’s most lucrative lobster fishing grounds off Nova Scotia’s southwest coast, but they have a new worry this year: the prospect of tariffs being imposed by the United States. Nova Scotia exported 51,000 tonnes of lobster valued at more than $1 billion last year, by far the most in the country, and the U.S. is the province’s biggest market, with about 60 per cent of exported lobster landing in that country each year. As a result, the stakes are high if U.S. president-elect Donald Trump makes good on his campaign promise to impose duties of between 10 per cent and 20 per cent on all imported goods. Such a tariff could cost the Canadian economy about $30 billion per year in total, according to a Canadian Chamber of Commerce report in October. Trump’s inauguration is still a couple of months away — he officially takes office on Jan. 20 — but fishermen are trying to take the threat in stride while preparing for the season to open on ...

Source: Saltwire