United States Seafood insights

Core tip: From September 2 to 4, the Global Shrimp Forum was held in Utrecht, Netherlands, with the main focus of the discussions centering around U.S. tariffs. According to Willem van der Pijl, the founder of the forum, the current Indian tariff rate stands at 58.26%, significantly higher than those of other countries, and has had a profound impact on the U.S. market as well as global import-consuming countries for shrimp.

This extension of the exemption covers 178 items, including 10 seafood products worth $105 million (2024 trade value), such as black cod fillets and halibut fillets. In 2024, the U.S. imported 22,742 tons of frozen black cod and halibut fillets from China, with 11,963 tons imported in the first half of 2025. Most of the raw materials for black cod and halibut are sourced from Norway or Alaska, processed in China, and then re-exported to the U.S., completing a significant closed-loop supply chain through Chinese processing plants. Section 301 of the U.S. Trade Act of 1974 authorizes Washington to investigate and respond to unfair trade practices by foreign countries, including imposing tariffs and other restrictive measures. In 2018, then-U.S. President Trump initiated an investigation into China for stealing intellectual property from U.S. companies. In July and August 2018, Trump imposed tariffs on $34 billion and $16 billion worth of imported goods, respectively. In September of the same year, Trump imposed tariffs on approximately $200 billion worth of imported goods, expanding the scope to include seafood such as tilapia, squid, shrimp, tuna, and crab. President Biden maintained these tariffs during his term without any adjustments. As of 2024, U.S. importers have cumulatively paid over $1.1 billion in Section 301 tariffs, placing a heavy burden on the entire industry, and causing significant price increases for some U.S. seafood products. However, these tariffs have not prompted any changes from China in recent years. The new tariff exemption extension will provide a temporary reprieve for the black cod and halibut supply chain, but policy remains uncertain after November.

According to the agreement, the European Union will cancel tariffs on all U.S. industrial products and provide "preferential" market access for various U.S. seafood and agricultural products. The statement also noted that the new framework includes an extension clause for an agreement that expired on July 31, which had canceled EU tariffs on U.S. live lobsters. The updated agreement expands the scope of market access to include processed lobster products. Meanwhile, the U.S. has agreed to apply the U.S. most-favored-nation (MFN) tariff rates and a composite rate (consisting of the MFN tariff and a reciprocal tariff, with a rate of 15%) to goods originating from the EU, whichever is higher. Since 2019, U.S. imports of seafood from the EU have increased year by year, with the import value growing by over 100%, reaching an increase of 113.6%, and all categories showing growth trends. The largest imported varieties are salmon (accounting for 55% of the total value) and octopus (12%), followed by sea bass (8%), tuna (6%), and Antarctic toothfish (5%).