News Summary May 9, 2019
Today's Main Story: 25% China Tariffs Could Kill the Tilapia Industry
The sudden imposition of 25% tariffs on all Chinse imports currently subject to a 10% tariff, which will take effect at midnight tonight, is going to hurt the tilapia industry perhaps more than any other. Tilapia represents 20% of all Chinese seafood imports by value, and 32% by volume. The market has been in recovery mode, with higher imports in 2018 (despite the 10% tariff) and increasing prices. The new tariff will kill this momentum stone cold dead. Salmon represents 12% of the value, and cod 13%. Currently cod and pollock are exempt, but that could change in an all-out fight. Unless this is a negotiating bluff, the tariffs will go into effect at midnight tonight. This means anything on the water that docks tomorrow or later will be subject to the higher tariff. One of the worst aspects of this sudden move is that it gives companies no time to plan...
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