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

China will impose a 25% tariff on 49 Canadian seafood items starting March 20. This decision, driven by Canada’s tariff actions against Chinese goods, will have an estimated cost of $310 million based on 2024 figures, affecting products like lobster and coldwater shrimp.

Starting March 20, China will implement a 25% tariff on 49 Canadian seafood items, including lobster, crab, and coldwater shrimp. This decision, announced by the State Council Tariff Commission, is a direct response to Canada’s previous tariff actions against Chinese products. The estimated financial impact of these tariffs on Canadian seafood exports is approximately $310 million, based on 2024 projections.

In summary, the newly imposed 25% tariff by China on Canadian seafood is a significant escalation in trade tensions. The affected seafood products, particularly popular items such as lobster and coldwater shrimp, will face increased costs that could impact the overall market. This development underscores the ongoing complexities in international trade relations between Canada and China.

Original Source: www.undercurrentnews.com