Trump administration escalates trade war; seafood largely unaffected for now

The seafood industry has so far mostly avoided tariffs on imports amid the global trade war started by U.S. President Donald Trump. Trump imposed 25 percent tariffs on imports of steel and aluminum from all countries with no exemption starting 12 March, and the European Union and Canada immediately retaliated with new tariffs of their own. Trump claimed the tariffs are being imposed as imports of steel and aluminum pose a “national security threat.”

Both Canada and the E.U. announced retaliatory tariffs on billions worth of goods from the U.S., but so far, seafood has emerged relatively unscathed.

The European Union said in response it will allow existing 2018 and 2020 countermeasures made against the U.S. during Trump’s last trade war to go back into effect on 1 April and will also add new U.S. tariffs affecting more than EUR 18 billion (USD 19.6 billion) in imports.

“The trade relations between the European Union and the U.S. are the biggest in the world. They have brought prosperity and security to millions of people, and trade has created millions of jobs on both sides of the Atlantic. As of this morning, the United States is applying a 25 percent tariff on imports of steel and aluminum,” European Commission President Ursula von der Leyen said. “We deeply regret this measure. Tariffs are taxes. They are bad for business and even worse for consumers. These tariffs are disrupting supply chains. They bring uncertainty for the economy. Jobs are at stake. Prices will go up – in Europe and in the United States.”