Nova Scotia’s fisheries minister is downplaying the potential short-term effects of a 25 per cent tariff on Canadian seafood products that is scheduled to be imposed by China on Thursday.
Kent Smith spoke to reporters today after attending a major seafood expo in Boston with Premier Tim Houston.
Live lobster shipments dominate Nova Scotia’s trade with China, but Smith says there remains “lots of opportunity” to find other markets.
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The minister says one promising alternative is the Philippines, and he knows of at least two Nova Scotian companies that are in discussions with importers from the Asian country.
Smith says that while international demand for live lobster remains strong, there will likely be a market price adjustment, although he refused to speculate on which way prices would go.
He says the government will have to see how the situation develops over the next week, adding that if necessary it can provide assistance from its $200-million contingency fund established to deal with the impact of tariffs.
This report by The Canadian Press was first published March 19, 2025.
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