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Nova Scotia’s fisheries minister is addressing the upcoming imposition of a 25 percent tariff on Canadian seafood products by China, set to take effect on Thursday. Kent Smith shared his thoughts with reporters following his participation in a significant seafood expo in Boston alongside Premier Tim Houston.
Smith highlighted that live lobster shipments primarily drive Nova Scotia’s trade with China. However, he expressed optimism about exploring new markets, suggesting that there are “lots of opportunities” available beyond the current trade dynamics.
Among the potential markets being considered, the Philippines stands out. Smith noted that he is aware of at least two companies from Nova Scotia that are actively engaging with importers in this Southeast Asian country. Despite strong international demand for live lobster, he mentioned that a market price adjustment is anticipated as a result of the tariff, although he did not provide specific predictions regarding price fluctuations.
The minister emphasized that the provincial government will monitor the situation closely over the coming week. He also mentioned that if the circumstances warrant, assistance could be drawn from a $200-million contingency fund that was set up to mitigate the impacts of tariffs on the seafood industry.
This report by The Canadian Press was first published on March 19, 2025.
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globalnews.ca