Published 29 days ago • loading... • Updated 29 days ago

Nova Scotia lobster industry surprised, elated by suspension of Chinese tariff

On Friday, Prime Minister Mark Carney announced a preliminary deal with China to lift tariffs on Canadian lobster and crab starting in March, lasting through the end of the year.
Prime Minister Mark Carney traveled to Beijing this week to seek a new trade partnership, following China's retaliation last March with a 25% tariff on lobster after Canada imposed 100 tariffs on Chinese electric vehicles in 2024.
Industry groups say the tariff's economic toll includes more than $400 million lost since March, with Luc LeBlanc noting prices rose from $8.50 a pound to $12.50 amid deal speculation.
Key industry groups reacted positively, saying the prime minister's office said the results will help unlock nearly $3 billion in export orders, and Louisbourg Seafoods Limited strongly supports the deal.
The deal sets a target to increase exports to China by over 50 and drive Chinese joint-venture investment within three years, supporting auto manufacturing careers and the EV supply chain, officials said.

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