Imported fish and shellfish account for 85 percent of seafood consumed here and now tariffs will hit our biggest import partners and you – in the wallet.The US imported $25 billion worth of seafood in 2024, led by Canada, 14 percent of imports; Chile,13 percent; India, 10 percent, and Indonesia and Vietnam, 8 percent each.Then there is China. We imported 769 million pounds of seafood from China in 2024.Chinese seafood now faces a 55% overall tariff rate in the U.S.
Two large seafood exporters to the U.S. market are India and Vietnam. India’s shrimp industry gets half its revenue from the US with countervailing and anti-dumping duties already imposed and a 25% tariff in place. Vietnam now faces tariffs of 15-20%.
Canada now has a 25% tariff. The United States imported 153 million pounds of farmed Atlantic salmon from Canada in 2024. The US is Canada’s largest export market for these products. In 2019, Canada’s fish and seafood exports to the US were valued at $4.56 billion, representing 61% of Canada’s total fish and seafood exports. Lobster, crab, and salmon are the top three species exported from Canada to the US.
The Indonesian shrimp industry, facing a 19% US tariff, could see a drop of 30% this year with the livelihood of one million workers impacted, say reports. The country is now scrambling to sell shrimp to China with a delegation visiting that country.
Brazil now faces high 50% US tariffs having exported 55% of its fish products to the U.S. The price of Brazil’s imported coffee and orange juice will also be impacted. Brazil produces 37% of the world’s coffee and 75% of all exported OJ.
Not everyone will be complaining about tariffs on foreign shrimp with the shrimp boats off the Gulf Coast hoping they can make a comeback like Forrest Gump did in the movie. One news article says Savannah restaurants serve foreign shrimp rather than shrimp caught off their own coast. Foreign shrimp can sell for $5 a pound but wild caught Georgia shrimp can cost more than $15 a pound.
Fresh shrimp is still one of the most popular seafoods in the US – the most consumed seafood at 4.6 pounds per person.
For restaurants shrimp deals are long gone. Last fall the CEO at Red Lobster quipped ‘I know how to do math’ announcing their “Endless Shrimp” deal is not coming back.
SeafoodSource says “U.S. consumers paid more for seafood – and food overall – at retail stores in July, according to new data but the increases didn’t dent fresh sales volumes.
Fresh seafood prices increased 1.5 percent year over year at U.S. retail in the month, according to Lakeland, Florida, U.S.A.-based 210 Analytics, which analyzes data from market research firm Circana.
Within the category, fresh crab had the largest price increase, jumping 10.6 percent compared to the same month in 2024. Fresh shrimp rose 4 percent, and fresh finfish prices increased 0.5 percent.
Fresh salmon prices rose by 1.4 percent year over year and remain “substantially higher” than frozen salmon, according to 210 Analytics Principal Anne-Marie Roerink.
Sales by value of fresh seafood jumped 3.6 percent in July to USD 687 million (EUR 588 million). Sales by volume, despite the inflation, still grew 2.1 percent. “
California salmon fishermen got some limited goods news coming this September with plans to reopen ocean waters off California to recreational salmon fishing for the first time since 2022. That’s good news since if you want salmon, you may have to catch it yourself!
However, the recommendation from the Pacific Fishery Management Council includes keeping California’s commercial salmon fisheries closed for the third year in a row in an attempt to rebuild populations.
Canada and Norway send fresh salmon here but now face tariffs.Norway has a 15% tariff and Canada 25%.Canada’s fish and seafood exports totaled $7.6 billion in 2023, with about $5 billion worth going to the United States.
Salmon lovers who want US-supplied fresh product may now have to depend on Alaska. But it’s been tough going for this industry.
Last fall NOAA reported that the Alaska seafood industry “suffered an $1.8 billion loss (2022-2023). The Alaska fishing industry saw a 50 percent decline in profitability (2021-2023).
The Alaska seafood industry is a major contributor to the U.S. seafood sector,” said Robert Foy, director of the Alaska Fisheries Science Center. “The social and economic ramifications of Alaska’s losses have reverberated down the West Coast and across the country.
This has resulted in more than 38,000 job losses nationwide and a $4.3 billion loss in total U.S. output (the total dollar value of all goods and services produced). The most affected states (including Alaska, Washington, Oregon, and California) saw a combined loss of $191 million in state and local tax revenues.”