The Nova Scotia seafood industry is navigating rough waters as a double tariff whammy from the United States and China loom.
Premier Tim Houston says global demand for the province’s seafood remains strong and despite the tariff threat, there are opportunities to find new markets.
“Fish will be caught, fish will be sold, and we’ll work through the rest,” said Houston, who admits there are limits to what government can do in the face of 25 per cent tariff threats from the U.S. and China.
Houston recently attended the Seafood Expo North America in Boston to meet with industry leaders and seek new trade opportunities.
“The mood at the show was still pretty positive,” said Houston.
On Thursday, China will impose a 25 per cent tariff on Canadian seafood exports, a retaliatory response to Canada imposing a 100 per cent tariff on Chinese-made electric vehicles.
Those tariffs, coupled with possible 25 per cent U.S. tariffs, will impact the seafood industry in Atlantic Canada and the lucrative lobster fishery.
“It’s going to be difficult to pass these tariffs onto customers,” said Geoff Irvine, executive director with the Lobster Council of Canada.
The impact of the seafood tariffs will be felt most by 20,0000 Nova Scotians who work and live along the rugged coastline of the province.
Lobster prices have surged in recent years and tariffs will likely take a bite out of them, but how much remains to be seen.
“There will be negotiations up and down the value chain to determine how much of the cost gets absorbed, and that will set prices this spring,” said Irvine.
Atlantic Canada exported $6.1 billion in seafood to more than 90 countries in 2024, while the United States accounted for 65 per cent of those exports, making it the largest market for Canadian seafood.
The U.S. bought $1.9 billion worth of Canadian lobster in 2024 while China imported $525 million worth, with 90 per cent of it coming from Nova Scotia.
Amid all the tariff uncertainly, finding new export markets is key priority for the Houston government, which has spent $200,000 to explore new trade opportunities.
“Tariffs are beyond our control, but we know people want our product,” said Houston.
Industry leaders are eyeing South Korea, Southeast Asia, and the domestic markets as potential growth areas, says Irvine.
Houston pointed to the Philippines as a key market when asked about global trading opportunities, calling it an “incredible market opportunity” with its120 million people and an average age of just 25, he said.
“It’s a big world,” said Houston. “There’s lots of opportunity.”
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