Oslo nervous as fears of US seafood shutout grow
The Trump tariff controversy and its impact on seafood took a new twist last night, with speculation that Norway may be forced to stop selling into the United States if the Greenland dispute becomes protracted.
Norway could be forced to stop selling into the US if the Greenland dispute becomes protracted.
Norway is one of the main suppliers of farmed salmon to the American market, and the country’s salmon companies face a higher tariff from 1 February, with another hike from 1 June.
Salmon companies in the UK, the Faroe Islands, and the EU are also facing stiffer tariffs.
But there is nervousness in Oslo, hitting salmon company shares on the country’s stock exchange.
Handelsbanken strategist Nils Kristian Knudsen believes that for such a scenario the dispute would have to become protracted, however. He agrees there was a lot of nervousness in the country at the moment.
Companies fear that if Trump goes ahead with his threat, seafood exports across the Atlantic could dry up.
Salmon is the main species, but Norway also sells substantial volumes of cod (some of it farmed), and king crab, which is big favourite among American consumers.
Fortunately, for Norwegian salmon companies, exports to China are soaring and are likely to go on increasing.
And sales into the EU bloc, especially France, Spain and Italy, are holding up well.
The main salmon producing beneficiaries from the current dispute are likely to be Canada and Chile, which faces zero tariffs – at least for the time being.
But Canada is a fierce critic of Trump and his attitude towards Greenland, and that could change things.
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