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 could be impacted by potential tariffs from the United States, their largest export market. Despite concerns over a possible $30 billion hit to the Canadian economy if duties of 10-20% are imposed on all imported goods, as proposed by President-elect Donald Trump, the industry is cautiously optimistic. The region, which accounts for about a third of Canada's total lobster catch, faces other challenges such as market expansion and weather conditions. The outcome remains uncertain, but there is hope that the industry may be spared due to the limitations and high costs of producing lobster. Meanwhile, Canada's lobster sales to China have significantly grown, reaching over $450 million in 2022, thanks to a trade dispute with the U.S. that temporarily protected the Canadian industry.

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