Commerce Secretary Lutnick: US-China Trade Deal Framework Finalized

United States Commerce Secretary Howard Lutnick announced that the US and China have agreed to a trade framework after two days of negotiations in London. 

After what reports described as “intense negotiations,” Lutnick told reporters that the framework builds upon an agreement made last month to ease triple-digit retaliatory tariffs. 

 In a social media post on June 11, President Trump said that a deal with China was done and called the trade relationship with China “excellent.” However, further details regarding the deal were not made public...

Commerce Secretary Lutnick Addresses Maine Lobster Tariffs, Promises Science-Backed Regulations

Last week, Commerce Secretary Howard Lutnick weighed in on pressing concerns for Maine's lobster industry, including US-Canada lobster tariffs and promising a commitment to "gold standard science" in future federal regulations impacting the state's staple seafood.

Lutnick went so far as to call the industry an “American treasure” that should be protected.

During the hearing, Lutnick was questioned by Senator Susan Collins (R-ME), who highlighted how intertwined Canada and Maine are, noting the impact of tariffs on lobster, which is primarily processed in Canada, along with other...

ANALYSIS: U.S. Shrimp Import April 2025 Market Review

Executive Summary

Expana's April shrimp import analysis shows strong volume growth alongside rising prices, creating a situation that looks eerily similar to 2022 when the market faced oversupply issues. Import volumes are up significantly, but demand absorption appears limited, pointing to potential margin pressure ahead as importers rush to beat the July tariff deadline.

In this report:

            1. FORECAST PERFORMANCE VS. ACTUAL FIGURES
            2. IMPORT BREAKDOWN BY PRODUCT FORM
            3. SUPPLIER COUNTRY DYNAMICS
            4. PEELED PRODUCT SPOTLIGHT
            5. HELL-ON MARKET SURGE
            6. COOKED SHRIMP MOMENTUM
            7. MARGIN AND...

Japan: Uncertainty Over Frozen Scallop Exports to the U.S. Amid Trump Tariffs 

On May 27, Yasuhisa Kasai, a counselor at the Hokkaido Federation of Fisheries Cooperative Associations, gave a speech on scallop production trends at the National Scallop Major Auction Houses and Shippers Trading Conference. He emphasized that the future of frozen scallops, which have been exporting well to the United States, is "uncertain" as exporters are in a wait-and-see state due to the Trump tariff issue.  

The Hokkaido government's scallop landing plan for fiscal 2025 (April 2025-March 2026) is 336,498...

Canadians Focused on Economy in Today’s Federal Election; Stakes High in Seafood Industry

The federal election in Canada will end tonight with final ballots cast no later than 7 p.m. local time in British Columbia. This comes after a month-long campaign marked by a rare flip in the polls, as voters reacted to U.S. President Donald Trump’s ‘retaliatory’ tariff policy against Canadian goods and a threat to annex the nation as the 51st state.

In early January, former Prime Minister Justin Trudeau announced he would be stepping down in March. At that time, Pierre Poilievre’s Conservative party had a...

Barclays Downgrades Salmar and Leroy Seafood to Underweight

Global financial services provider Barclays recently downgraded Salmar and Leroy Seafood to Underweight from Equal Weight status, thus indicating that the seafood companies’ stocks are currently underperforming in relation to their typical benchmarks.

This dip in price targets coincides with recently implemented U.S. import tariffs, which have spurred a decline in the global stock market. Tariffs have impacted exports of numerous countries including Norway and Chile, where the above companies are headquartered, amongst many others.

According to reporting by Theflyonthewall.com, Barclays analysts have indicated that Salmar’s price target dipped from NOK 530...

Japan Extends High Tariff on Russian Seafood Products by One Year Until the End of March 2026

At a cabinet meeting on March 28, the Japanese government decided to extend its withdrawal of Russia’s most-favored-nation status for one additional year. The deadline was set to expire at the end of this month, but the Minato Shimbun reported that it has been extended until March 31, 2026. This means that the high tariff will continue.

Regarding the possible conclusion of peace negotiations between Ukraine and Russia by March 2026, a Finance Ministry official responded, "Under the system, it is..."

Premium Brands Minimizes Tariff Risk; Clearwater Seafoods Results Hit by Subpar Catches

Canada’s Premium Brands reported a record Q4 revenue of CAD 1.64 billion ($1.14 billion), a 5.4% increase compared to the fourth quarter of 2023. The company also netted record Q4 adjusted EBITDA ($148.7 million). For the fiscal year, the company hit record revenue ($6.47 billion) and adjusted EBITDA ($593.7 million).

“2024 finished on a strong note driven by our Protein and Bakery Groups’ US sales initiatives, which generated approximately $50 million in sales volume growth in the quarter...

US-Canada Trade Tensions Loom Over Newfoundland Snow Crab Negotiations

FFAW-Unifor, a union representing fishermen throughout Newfoundland and Labrador, said negotiations with the Association of Seafood Producers (ASP), a trade group representing processors and producers in the region, “have been productive.”

According to the FFAW, stronger snow crab market conditions compared to recent years have helped negotiations. The FFAW also noted the price increases in the Urner Barry by Expana price index.

“We have seen steady increases in the Urner Barry price index and inventory is not a factor. In fact, Urner Barry ceased quoting...

NL Delegation to Meet with New Buyers at Seafood Expo North America and Explore Market Opportunities 

The Government of Newfoundland and Labrador’s (NL) Fisheries, Forestry and Agriculture division recently announced that Minister Honorable Gerry Byrne and a delegation of provincial fishery representatives will meet with key global buyers during the 2025 Seafood Expo North America (SENA).

The annual seafood expo takes place on March 16 – 18 in Boston, Massachusetts, and will allow the NL government to explore global market opportunities with key players in the seafood sector.

This year, NL will be co-exhibiting with the following companies...

The Winding Glass: Seafood Consumption in Crossfire as Global Tariff War Erupts

The biggest loser in the global tariff wars that have erupted in seafood will be American consumers, importers, processors and distributors.

This week Pres. Trump unilaterally imposed 25% tariffs on all Canadian seafood.  This covers almost all the snow crab, 55% of domestic live lobster, and about 50% of whole farmed Atlantic salmon consumed in the US.

In response to US pressure on Canada to follow its tariff war with China, the Canadians imposed higher tariffs on some Chinese products last fall...

US Issues Record-High Preliminary Decision on Anti-Dumping Tariffs on Vietnamese Shrimp 

The US Department of Commerce (DOC) has hit two dozen of Vietnam’s shrimp exporters with a record-high preliminary anti-dumping tax rate of 35.29%.  

The preliminary decision is based off the Department’s 19th administrative review on anti-dumping duties for frozen warmwater shrimp imported from Vietnam, which ran from February 1, 2023 to January 31, 2024.  

The DOC named Seafood Joint Stock Company (STAPIMEX) and Thong Thuan Company Limited (Thong Thuan) as mandatory respondents. It was determined that STAPIMEX sold...

USTR Extends China Section 301 Tariffs for Certain Seafood Products 

The US Trade Representative (USTR) has extended tariff exclusions on certain seafood products from China through the end of August.  

The exclusions were previously scheduled to expire on May 31 but have now been extended through August 31.  

Tariffs related to the Section 301 Investigation of China’s Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation first began under the Trump Administration in 2018 and 2019 in an effort to stop the country’s unfair trade practices. A range of seafood items from China were hit with...

SSA Calls for Commerce Dept. to Investigate Ecuador Shrimp Industry’s Alleged Illegal Practices

As the tectonic shifts in U.S. trade policy are being felt by countries that have provided the U.S. consumer with high-demand goods, U.S. producers of these goods see opportunities for relief from competition and growing markets for their product.

The U.S. demand for shrimp — imported and domestic — presents an opportunity for domestic shrimp producers to expand their market while building protections against future trade conflicts and exposing alleged violations of trade practices in foreign countries. 

Ecuador, the world’s second largest exporter of shrimp to the U.S...

Southern Shrimp Alliance Celebrates Trump’s Executive Order to Strengthen American Seafood Industry

The Southern Shrimp Alliance (SSA) recently released a statement applauding President Trump’s executive order “Restoring American Seafood Competitiveness,” which he signed on April 17.

According to the SSA, the action directly confronts the existential threats currently facing the U.S. domestic shrimp industry including unfair trade practices, imported shrimp that is unsafe or linked to forced labor practices, and regulatory imbalances. The Alliance added that foreign competitors do not have to face the same regulations or economic and logistic barriers as U.S. shrimpers...

The Winding Glass: We Will All Pay the Price for Tariff Stupidity, Incompetence, and Hubris- Opinion

Trump has no tariff plan. Most tariffs are negotiated on specific commodities, with painstaking analysis of costs of inputs, subsidies, and trade balances. Anyone who remembers the imposition of shrimp tariffs in 2004 knows that even though the process was driven by the politics of domestic shrimpers, the actual process was detailed and company specific. As a result, those companies demonstrating a lack of subsidy and realistic cost inputs avoided significant tariffs. Within a short time, the shrimp market was healthy again...

Alaska Seafood Industry, Lawmakers, and Media Urge US to Cool Down Trade War and DOGE Cuts

Two of Alaska’s leading seafood trade associations and the State House of Representatives issued plain-spoken opposition to President Trump’s trade policies this month, while Alaska Public Media President Ed Ulman testified to the importance of public news and broadcasting in a US House hearing on Tuesday.

A March 11 letter from Matt Tinning, CEO of the At-Sea Processors Association and Julie Decker, President of the Pacific Seafood Processors Association, was sent to Catherine Gibson, Deputy Assistant U.S. Trade Representative for Monitoring and...

SENA 2025: Lineage Logistics Addresses Food Waste, Tariffs, and FSMA Rule 204

During the Seafood Expo North America (SENA) 2025, Expana had the opportunity to sit down with Michael Bowman and Ron Margulis of Lineage Logistics and chat about the cold storage company’s ongoing efforts to streamline processes, increase traceability, and eliminate food waste, especially as the global supply chain faces U.S. tariffs on Mexico, Canada, and China, as well as the upcoming implementation of Food Safety Modernization Act (FSMA) Rule 204.

When asked about the economic turbulence that has been impacting the supply chain lately, Bowman, who is Vice...

Japanese Importers See Opportunities to Increase Canadian Spot Prawn Imports

According to a Minato Shimbun report, following China's announcement to impose an additional 25% tariff on Canadian seafood products, a Japanese trading company predicts that the volume of Canadian spot prawn and lobster exported to Japan will increase. Regarding Canadian spot prawns, the trading company predicts that "in recent years, exports to Japan have decreased due to an increase in exports to China, but the Japanese market will be subject to market restructuring."

Canadian spot shrimp are caught in British Columbia. The 2024 fishing season was from...

Fishing Industry on the Brink: FCC Calls for Urgent Government Action

The Fisheries Council of Canada (FCC) called China’s 25% tariff on Canadian seafood exports an “existential threat” to fishing operations across the country, especially as it follows US tariffs.

The FCC has pushed to sound the alarm on the impact of the China tariffs, with the March 20 deadline approaching. The double tariff situation could impact 83% of Canada’s seafood export markets within a span of days. The US and China represent roughly CA$6.6 billion ($4.6 billion) of Canada’s CA$8.1 billion in fish...

Trade Tensions Ignite as Canada and China Hit Back at US Tariffs

Canada and China have announced retaliatory tariffs in response to new US tariffs that went into effect today, igniting trade tensions between the world’s largest economies. After a 30-day pause, the US administration imposed a broad 25% tariff on Canada and Mexico on March 4, Expana's Ryan Doyle reported.

One minute past midnight, the US administration imposed 25% tariffs on Canadian exports and 10% tariffs on Canadian energy. Prime Minister Justin Trudeau said the decision had “no justification” and emphasized Canada’s efforts to combat...