Norwegian seafood exporters brace for potential tariffs as Trump resumes presidency

NORWAY – Norwegian seafood exporters are preparing for a challenging landscape in the wake of Donald Trump’s return to the presidency following his victory in the recent U.S. elections. 

Trump’s trade policies, particularly his proposals to impose heavy tariffs on imports, could have significant implications for Norway’s seafood industry, especially its prized salmon exports.

Trump’s proposed tariff hikes, the most severe since the 1930s, include a 60% tax on products from China and a 10% to 20% levy on all other foreign goods. 

While these measures primarily target China, other nations—including Norway—are bracing for the ripple effects, with the U.S. serving as a key market for Norwegian seafood. 

This tariff increase could notably disrupt the flow of Norwegian salmon into the U.S., a critical sector for Norway’s export growth.

First Seafood, a prominent player in Norway’s seafood export sector, is one such company on the frontline of these potential changes. 

The company, which recently opened a state-of-the-art processing facility in Godvik, near Bergen, had targeted the U.S. market for a substantial portion of its output. 

With plans to scale up production to 50 tonnes of raw material daily, the plant’s future hinges on the stability of trade agreements between Norway and the U.S.

Roy Olsen, Chief Commercial Officer at First Seafood, expressed concern over the uncertainty of the election results. 

“We’re very focused on the U.S. election. If Trump becomes president, it could mean a 10% tariff,” Olsen told Bergensavisen, a leading Norwegian newspaper, in a recent interview. 

The potential tariffs could complicate the company’s export ambitions, particularly with the facility still in its early stages of production.

In 2023, Norway exported 71,113 tonnes of salmon to the U.S., up from 66,432 tonnes the year before. 

With the U.S. market representing a NOK 13.7 billion (US$1.26 billion) value, an 18% increase from the previous year, it is crucial for Norway’s growth despite its traditional focus on Europe. 

The U.S. remains one of Norway’s top 10 seafood markets by value, underscoring the significance of the American market to Norwegian exporters.

While the looming trade barriers raise concerns across the industry, Olsen noted that tariffs and trade restrictions are becoming a pressing issue for all exporters and importers. 

“Trade barriers should be all exporters’ and importers’ concern at the moment,” he commented in an email to SalmonBusiness. 

The uncertainty around Trump’s approach to international trade has cast a shadow over the outlook for exporters, who must navigate a complex and shifting global market.

Evgenia Kozlova, First Seafood’s Chief Marketing Officer, emphasised the company’s ability to adapt to changing conditions in global markets. 

“The United States, in particular, is a key market for us, and we are actively working to expand our presence there,” Kozlova stated. 

She also pointed out the company’s strategy of maintaining operational flexibility to respond quickly to regional shifts in demand, ensuring resilience despite the unpredictability of trade policies.

As the U.S. administration shifts under Trump’s leadership, Norwegian exporters, especially those in the seafood industry, will need to remain agile and prepared for any disruptions to the trade landscape, including potential tariff hikes that could reshape their strategies for U.S. market expansion.

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