Nova Scotia says immediate effect of Chinese seafood tariff remains unclear
The Nova Scotia seafood industry is facing a potential setback as China prepares to impose a 25 per cent tariff on Canadian seafood products. Fisheries Minister Kent Smith is remaining optimistic, downplaying the short-term effects of the tariff.
Smith recently attended a seafood expo in Boston with Premier Tim Houston, where he received feedback from Nova Scotian companies that expressed cautious optimism. While live lobster shipments to China are a significant part of Nova Scotia’s trade, Smith believes there are still opportunities to explore other markets.
One such promising market is the Philippines, with at least two Nova Scotian companies currently in discussions with importers from the Asian country. Despite the potential for a market price adjustment due to the tariff, international demand for live lobster remains strong.
The government has a $200-million contingency fund in place to assist with the impact of tariffs, if necessary. Smith emphasized the resilience of the seafood industry, stating that they have overcome obstacles in the past and will do so again.
Premier Houston noted that any discussions with Chinese officials would be led by the federal government, which is responsible for international relations. Opposition leader Claudia Chender stressed the importance of diversifying seafood markets while also protecting the lucrative industry by reaching out to contacts in China.
The Chinese tariffs are set to affect a wide range of products, including lobster, snow crab, shrimp, sea cucumber, whelks, and prawns. China is Canada’s second largest fish and seafood export market after the United States, with $1.3 billion in products shipped there last year.
As Nova Scotia navigates this obstacle, it is clear that the seafood industry is resilient and adaptable. By exploring new markets and leveraging government support, the province can mitigate the impact of the tariffs and continue to thrive in the global seafood trade.
