Salmon companies facing more chaos over new Trump tariff threat
Scottish and several Nordic salmon farmers face the possibility of new turmoil following President Donald Trump’s decision to increase tariffs to several countries over Greenland.
Following President Trump's move, the threat to European seafood exporters will be almost immediate.
The President has decided to slap extra tariffs on the UK, Norway and the Faroe island, along with a number of other European countries, because they sent military personnel to Greenland last week.
He is demanding that Denmark sells the large Arctic island to the US, claiming that if he doesn’t get it China or Russia will.
His move has wider political and economic implications for everyone, but the threat to European seafood exporters will be almost immediate.
And because the United States is a major buyer of salmon, it is that industry which faces the biggest threat.
Norwegian salmon sales across the Atlantic have already slowed down because of Trump’s tariff that came into play last year.
The big winners are likely to be Canada’s salmon farmers who have zero tariffs against them due to an earlier agreement, and Chile who face zero tariffs between February and June, and just 10% from the summer onwards.
The Oslo Stock market was in a nervous mood today, with falls expected among the salmon companies.The price of salmon is also likely to be affected.
The UK and the EU are currently discussing how to handle this tariff threat, but a full-blown trade war cannot be ruled out.
Britain sent just one military officer to Greenland as an observer last week and Prime Minister Sir Keir Starmer will be speaking to Donald Trump to persuade him to drop his threat.
And there are political moves in the US to declare Trump’s tariff decisions illegal, but few people are holding their breath on this.
At the moment salmon faces the most immediate threat because of the nature of the product.
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