China Imposes 25% Tariff on Canadian Seafood Amid Trade Tensions

China has announced a 25% tariff on 49 Canadian seafood items starting March 20, in retaliation to Canadian tariffs on Chinese goods. Major products affected include lobster and coldwater shrimp, with an estimated market impact of $310 million in 2024.

China has officially announced a 25% tariff on 49 Canadian seafood items, effective March 20. This decision, revealed by the State Council Tariff Commission on March 8, is a direct response to Canada’s tariff measures on Chinese goods. The impacted products include prominent seafood items such as lobster, coldwater shrimp, Greenland halibut, and crab.

According to the UCN trade portal, the imposition of this tariff could amount to approximately $310 million based on projected figures for 2024. This tariff will significantly affect Canadian seafood exporters and has potential repercussions on the seafood market dynamics between China and Canada, given the strategic importance of these products in trade.

The recent imposition of a 25% tariff by China on key Canadian seafood products represents a significant escalation in trade tensions between the two countries. With the potential financial impact estimated at $310 million and the targeted impact on vital seafood items, the Canadian seafood industry faces considerable challenges that could alter market relations and trade flows ahead.

Original Source: www.undercurrentnews.com