Snow crab industry predicts 'real trouble' if Trump carries out tariff threat

As Canadian premiers work on a plan to deal with the tariffs threatened by incoming U.S. president Donald Trump, snow crab producers in New Brunswick worry about how tariffs would affect them.

The U.S. market a huge one for snow crab fishermen and processors in the province, and tariffs could have a "very significant impact," said Gilles Theriault, head of the New Brunswick Crab Processors Association.

"We might be left as processors with a whole bunch of crabs on our hand, and then we would be in real trouble," said Theriault.

Theriault's first concern is that buyers in the U.S. might just pass along the cost increase to their customers, which could lead to lower demand for snow crab.

"That could be a big concern for us because we can't turn around on our heels and sell it elsewhere," Theriault said.

Theriault said the U.S. market eclipses the Canadian market, and even if Canadians made an effort to buy more snow crab, it would be a drop in the bucket.

"It would make a small dent, but it would not solve the problem," he said.

His other concern is that U.S. retailers might still want snow crab but only at a reduced rate.

Trump has expressed a desire for a flat 25 per cent tariff on all Canadian imports.

"In that case, we get 25 per cent less for our product," Theriault said.

According to the Department of Fisheries and Oceans, more than $177.7 million worth of snow crab was landed in New Brunswick in 2022, the most recent year for this information.

The tariff threat comes at a time when the fishery is facing a 30 per cent reduction in its quota, which doesn't help matters.

"With a 30 per cent reduction in quota and a 25 per cent reduction in price, it's going to be hurting for all the fishermen, but also for the processors," Theriault said.

Holt says premiers aligned as Trump’s return to power inches closer

2 days ago

Duration 1:13

After a meeting with Prime Minister Justin Trudeau and other premiers in Ottawa, Premier Susan Holt says they are united on a Canada-first approach to fighting any potential hefty tariffs from the incoming Trump administration, even though Alberta Premier Danielle Smith said she’s reluctant to jeopardize the province’s oil industry in a trade war.

After a First Ministers meeting Wednesday, Premier Susan Holt told reporters she has been speaking with businesses, agricultural and aquaculture producers about the threat of tariffs.

"We hear deep concern from those companies because of how much they sell into the U.S. and the impact that these tariffs will have on their businesses," Holt said.

While most Canadian premiers are on the same page when it comes to the tariffs, Holt said governors of neighbouring states are also aware of how devastating the tariffs could be for their economies.

"I've already been meeting with the governors of the New England states on a number of occasions and we have continued plans to keep those conversations and those meetings going," she said.

"My counterparts in the neighbouring states in Maine and New Hampshire and Connecticut and beyond all share the same feelings that we do — that these tariffs are going to hurt their economies."