Us seafood importers will lose around 1.2 billion, Chinese tilapia exports will also be hit

Trump, the newly elected US leader, repeated his threat to impose a 25% tariff on all goods from Canada and Mexico on the first day of his second term in the White House, while raising another 10 % on Chinese goods. This move will undoubtedly bring a heavy blow to US seafood importers.

If Trump follows through on his threat, US seafood importers could lose up to $1.2 billion a year. In 2023, the United States imported $1.5 billion worth of seafood from Mexico, and a 25 % tariff would cost importers an additional $161.8 million. Meanwhile, China is the seventh largest source of seafood for the United States, which imported 335,995 tons of seafood from China last year, also worth $1.5 billion. An additional 10 % tariff on Chinese seafood would result in an additional tariff burden of $153.3 million for importers.

The most affected product is frozen Chinese tilapia. In 2023, the United States imported 112,811 tons of tilapia from China, valued at $317.2 million, paying $77.1 million in tariffs. An additional 10% tariff could result in an additional $32 million in annual spending.

 Thanks to previous tariff exemptions, the U.S. was able to import 30,607 tons of cod last year, worth $280.5 million, while paying just $1.3 million in tariffs. Similarly, the United States imported 27,963 tons of salmon last year, valued at $214.7 million, but paid only $689,465 in tariffs.

For US seafood importers, Trump's tariff threat is undoubtedly a nightmare. They are not only facing seafood tariff pressure from neighboring countries, but also dealing with the increase of seafood tariffs from China. This could lead to them having to reassess supply chains and procurement costs, and could even trigger a reshuffle within the industry.

Reference: YUYIPAI