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On Election Day in the US, much hangs in the balance for the seafood industry by Chris Chase November 04,2020   |  Source: SeafoodSource

Tuesday, 3 November is Election Day in the United States, and the results of the national election could have a significant impact on the nation's seafood industry and the global economy.

Thus far, the tenure of U.S. President Donald Trump - who is up for reelection to a second and final four-year term - has been marked by both positives and negatives for the seafood industry. The Trump administration instigated an ongoing trade war with China by placing tariffs on Chinese goods in July 2018, a move that China reciprocated by placing its own tariffs on U.S. goods – including seafood. Those tariffs had drastic impacts on certain parts of the seafood industry, such as Maine’s lobster industry, which saw an 84 percent drop in exports to China. Total estimates of the impact in 2018 found the trade war cost U.S. seafood exporters USD 350 million (EUR 299 million) that year alone.

There are some bright spots on the tariff horizon, as the Trump administration has moved forward with “phase one” of a trade deal that saw reductions in tariffs on U.S. goods.

A Biden victory won’t necessarily change much on the tariff front. Biden has said he will not agree to any new trade agreements until the U.S. makes major investments domestically – whether that means the tariffs

 

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