China Imposes 25% Tariff on Canadian Seafood, Including Lobster and Shrimp

China will impose a 25% tariff on 49 Canadian seafood items, effective March 20, 2024, in retaliation for Canada’s tariff measures. This includes lobster and coldwater shrimp, costing approximately $310 million based on 2024 data.

China has announced its decision to impose a 25% tariff on 49 Canadian seafood items, including prominent products such as Greenland halibut, crab, lobster, and coldwater shrimp. This tariff will take effect on March 20, 2024, following Canada’s earlier tariff measures against Chinese goods. The impact of this imposition is estimated to cost Canadian exporters approximately $310 million based on current market figures.

This recent move by China is a significant reaction to ongoing trade tensions between the two nations. The State Council Tariff Commission of China released this information on March 8, notifying stakeholders of the impending tariff onset. This escalation in tariffs is expected to challenge Canadian seafood exporters in maintaining market access and competitiveness.

In summary, China’s implementation of a 25% tariff on Canadian seafood products marks a substantial retaliatory step against certain Canadian trade actions. The tariffs are projected to have a considerable financial impact on Canadian exporters, amounting to an estimated cost of $310 million. As such, the situation may lead to intensified trade frictions between China and Canada in the seafood sector.

Original Source: www.undercurrentnews.com