The lobster industry of Canada unexpectedly benefits from trade war between America and China

The lobster industry of Canada unexpectedly benefits from trade war between America and China

Continuing ocean swells, long hours, and the once-in-a-blue-moon spring snowstorm are all included in the job for Francis Morrissey.

The business owner and fisherman passed a statement which said that it is bred into you from a very young age: either you have a liking for ocean or you don’t. Even when he is in the office, he wishes to be out there.

Lately, Morrissey has had more reasons for heading back out into the water: due to the growing demand as the trade war between Trump and China is undercutting the own lobster industry of America, giving an astonishing boost to fishermen who are at the north of the border.

The United States lobster industry started suffering from loss after the announcement of new tariffs by China on live lobsters, as part of a far-reaching tariff on exports from the United States. The most recent move will be adding an additional 10 percent to the price of lobsters directed for China, which have already faced 25 percent of penalty tariffs.

Clearly, the winner of the trade war has been the lobster industry of China, through which live lobsters are exported twice in 2019 year-on-year, as per the industry figures.

The Chief of Lobster Council of Canada, Geoff Irvine, passed a statement which said that they have just picked up a lot more of the market than they had prior to the trade war. Meanwhile, the market is also growing, so, it is a twin story.

Canada was perfectly positioned for dominating the market. Already, it was the greatest supplier of lobster in the world and signing has been done of free trade agreements with the United States, Europe and many other Asian countries in the Trans-Pacific Partnership.