Saving Seafood

Seafood companies are scrambling to move production, secure new supply chains in response to tariffs

May 8, 2025 — U.S. President Donald Trump’s trade war has sent seafood companies scrambling to move production and secure new trade partners as they desperately seek to avoid the brunt of new tariffs.

“We’re living in a brave new world,” Matthew Latimer, managing director and general counsel of ACT Capital Advisors, said during a panel at Seafood Expo Global, which took place from 6 to 8 May in Barcelona Spain. “The recent round of trade restrictions and tariffs that were announced in the United States have triggered a scramble among seafood suppliers and distributors and wholesalers and retailers to constantly adapt – maybe on a daily basis – to an ever-changing trade environment. Geopolitical conflicts have disrupted supply chains, consumptions trends, and human lives, and then economic and environmental and regulatory changes have put pressure on operators to deliver sustainable, high quality, desirable products, all while navigating increased market complexity.”

Read the full story at SeafoodSource

 

US restaurants sound alarm on impact of tariffs

May 7, 2025 — U.S. tariffs are putting “enormous pressure” on independent restaurants, food producers, and the entire food supply chain, according to Independent Restaurant Coalition (IRC) Executive Director Erika Polmar.

“Unless something changes, the entire food supply chain – from field to kitchen to table – is at risk,” she said in a recent update to the coalition’s members.

Read the full story at SeafoodSource

Tariffs could add $500M to cost of Virginia Beach offshore wind farm, Dominion tells investors

May 7, 2025 — Dominion Energy expects to pay more to complete the Coastal Virginia Offshore Wind project because of the Trump administration’s new taxes on imported goods including monopile foundations and turbine towers.

The $10.8 billion offshore wind farm about 30 miles off the Virginia Beach coast will be the nation’s largest, consisting of 176 turbines that generate about 2.6 gigawatts of electricity, or enough to power up to 660,000 homes.

Dominion CEO Bob Blue told investors last week that if current tariffs continue through construction of the project late next year, the utility would expect about $500 million in added costs.

“Of course, changes to future tariff policy could affect these estimates,” he said. “It’s difficult to fully assess the impact tariffs may have to the project’s final cost, as actual costs incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component.”

Read the full story at the Virginia Mercury

SHIPS for America Act proposed amid US logistics industry frustration

May 2, 2025 — As the U.S. begins imposing new tariffs on the global shipping market, many logistics industry stakeholders are still struggling to understand how the tariffs, and other related trade and maritime programs meant to boost U.S. industries – such as fees on “Chinese-owned” vessels or fleets – could affect their businesses.

Amid the confusion, a bipartisan group of U.S. lawmakers have teamed up to reintroduce the SHIPS for America Act, which aims to revitalize the U.S. shipbuilding and commercial maritime industries.

Read the full story at Seafood Source

US logistics industry warns Trump tariffs already causing trade complications

May 1, 2025 — The U.S. shipping and logistics industry is beginning to feel the effect of the Trump administration’s tariffs on Chinese imports, and experts are warning U.S. consumers that they will soon start to see changes themselves. 

Investors Observer, an investment trade publication, analyzed the U.S. states that are most and least reliant on Chinese imports in order predict the economic fallout of tariffs.

Read the full story at Seafood Source

US retailers tell Chinese suppliers to resume shipments; Albertsons said it must approve any tariff price hikes

April 30, 2025 — In the wake of sweeping tariffs ordered by U.S. President Donald Trump, Walmart and Target told some Chinese suppliers to resume shipments to the U.S. after executives met with U.S. President Donald Trump last week – and major grocery chain Albertsons told suppliers it won’t accept tariff-related price hikes.

Two Chinese factories told CNN that Walmart and Target have resumed shipments, and the costs of the 145 percent import tariffs will be covered by the retailers, according to the South China Morning Post. Trump indicated that he may back off tariffs on China after CEOs from Walmart, Target, and Home Depot expressed their concerns.

Read the full story at SeafoodSource

 

Florida Keys lobster industry, reliant on Chinese consumers, braces for potential tariff impact

April 24, 2025 — In Conch Key, Kelly Cordova’s crews are getting traps ready for lobster season.

She’s been on the water her whole life.

“This is our family’s business,” said Cordova. “My mom and dad started when they were 15.”

But even as the Trump administration softens its tone on China tariffs, there’s still uncertainty over the possibility of reciprocal tariffs tacked on to the live lobster they export.

“We don’t know what we’re going to do. It’s really, really scary right now,” said Cordova.

Spiny lobster is a multi-million dollar industry in Florida and the Florida Keys are the biggest producer, harvesting nearly 4 million pounds last season.

Read the full story at Local 10

After latest escalation, tariffs between US and China stand at 125 percent – for now

April 11, 2025 — Both the United States and China have set tariffs of 125 percent on goods from the other nation after just over a week of back-and-forth increases.

China’s Ministry of Finance announced on 11 April it is imposing tariffs on imported goods from the U.S. of 125 percent, up from the 84 percent it announced just days before. That amount is in response to U.S. President Donald Trump’s escalation of tariffs, which at first were increased to 54 percent, then bumped up again to 104 percent, before finally being increased to 125 percent as Trump announced a 90-day pause on tariffs for most other countries.

Read the full article at SeafoodSource

Consumer confidence could impact US seafood buyers more than tariffs

April 11, 2025 — As global seafood suppliers grapple with the potential impacts of threatened tariffs on grocery and restaurant sales, overarching consumer concerns are likely to end up having a greater impact on U.S. shopper spending.

“People focus on whether the tariff is 25 percent or 15 percent, but I think the bigger question is whether this is going to pull back a consumer that has been really strong for a very long time, and the same thing for business confidence,” Circana Executive Vice President Perimeter Practice Leader Chris DuBois told SeafoodSource at the Circana Growth Summit, which ran from 7 to 9 April in Orlando, Florida. “If you see big prices moving in the store, hold on.”

Read the full article at SeafoodSource