Trump Letters Reveal August 1 Tariff Rates for Key US Trading Partners

The Trump administration was busy after the Fourth of July holiday, as the President sent out a litany of letters to US trading partners revealing what their tariff rate would be starting on August 1.

Over the weekend, President Donald Trump and members of the administration announced that letters would begin rolling out showcasing new tariff rates for countries. The letters came at a rapid pace on Monday afternoon, with messages dispatched to the leaders of Japan, South Korea and South Africa, to name a few...

Big, Beautiful Bill Act Gives Seafood Processors Who Feed Workers a Tax Deduction 

At last — a tax break that has been sought by US seafood processors for years was finally enacted in the bill signed by President Trump on July 4 titled, H.R. 1 — 119th Congress: One Big Beautiful Bill Act.

Deduction of meal costs incurred by processors on vessels and in processing plants, whether on land or aboard a mothership or catcher/processor, is now legal.   

The history of deducting business meals or entertainment as a cost of business goes back several decades, but the most...

Norway Sanctions Russian Fishing Giants Norebo, Murman Seafood

The Norwegian government has followed in the European Union’s footsteps and placed sanctions on Russian fishing companies Norebo JSC and Murman Seafood.

“Recently we have seen increasingly aggressive Russian hybrid campaigns against allied nations. This trend is expected to continue,” Norwegian Foreign Minister Espen Barth Eide said.

The minister added that both Norebo and Murman Seafood are allegedly part of a Russian state-sponsored espionage campaign and intelligence activity aimed at Norwegian underwater infrastructure and allied maritime areas.

“Such activity may facilitate future sabotage operations and threaten important Norwegian security policy...

Clean Seas Shareholders OK Yumbah Aquaculture Takeover

Earlier today, shareholders at Clean Seas Seafood Limited (Clean Seas) voted to move forward with Yumbah Aquaculture Ltd.’s (Yumbah) acquisition of the seafood company.

Both companies are based in Australia, with Yumbah operating its vertically integrated shellfish farms in South Australia, Victoria, Tasmania, and New South Wales, while Clean Seas farms its fish in the cold waters of the Spencer Gulf in South Australia.

The acquisition merges together Yumbah’s production of abalone, oysters, mussels, aquafeed, and oyster spat with Clean Seas’ farmed yellowtail kingfish.

This decision comes after Clean Seas’ initial announcement...

Russian Pollock Surimi Imports Surge in China, Japan and South Korea; US Imports Decline 

From January to May, the combined imports of frozen Alaska pollock surimi by Japan, China, and South Korea reached 69,455 metric tons, representing a 4% increase compared to the same period last year.  

Russian surimi imports surged by 37% to 31,823 metric tons, while imports from the United States fell by 13% to 37,632 metric tons. Russia now accounts for 46% of surimi imports into these three key markets, a shift largely attributed to recent investments in surimi production facilities across...

Salmon Evolution Achieves Record Production in Q2 2025 

Salmon Evolution has reported record-high production results for the second quarter of 2025.  

The land-based salmon farming company harvested 1,232 metric tons during the quarter, with an underlying biomass production of more than 1,700 metric tons. By the end of Q2, the company reached a standing biomass of 3,043 metric tons, while maintaining low mortality rates.  

Salmon Evolution also noted that all underperforming groups affected by last year’s smolt quality issues were fully harvested in Q2, highlighting that two of the groups exceeded target stocking...

Iceland Seafood International Completes Refinancing Process 

Iceland Seafood International (ISI) has completed its refinancing process, a move the company says will improve its financial position through debt restructuring and lower interest rates.  

The process began earlier this year, shortly after Expana reported that about half of ISI’s interest-bearing debt was being restructured.  

As part of the refinancing, ISI issued a new bond with a maturity of 3.5 years, reducing its short-term debt by EUR 27.6 million. While the company’s share of long-term debt has increased, the new bond carries a significantly lower interest rate of roughly...

Navigating the Trump Tariff Turbulence: A Comprehensive Timeline

US President Donald Trump and his administration have paused reciprocal tariffs on most countries.

“Based on the lack of respect that China has shown... I am hereby raising the [tariff] charged to China by the [USA] to 125%, effective immediately,” wrote Trump on Truth Social at 1:18 pm ET. 

It’s not clear if this 125% is in addition to the 20% imposed on Chinese imports to the US. In early March, Trump noted that he would add another 10% tariff on Chinese goods...

ANALYSIS: Front-Loading Frenzy; May Shrimp Imports Increase 14.6% YTD on Tariff Deadline

Executive Summary

May shrimp import data reveals continued strong volume growth accompanied by rising replacement costs, creating a challenging market dynamic. While imports exceeded expectations across most categories, the combination of higher volumes, elevated costs, and front-loading ahead of tariff implementation, suggests significant inventory accumulation. The market faces a fundamental paradox: imports and costs are both rising, yet U.S. demand remains tepid, pointing to inevitable margin compression as the industry struggles to absorb higher costs across the supply chain without proportional demand...

Acme Smoked Fish CEO Announces Retirement After 18 Years on Company’s Executive Team

Today, Acme Smoked Fish Corporation (Acme) announced the upcoming retirement of CEO Eduardo Carbajosa and the appointment of Incoming CEO Rob Snyder.

Effective immediately, Snyder will assume a long-term strategic planning role until he formally assumes the role of CEO on January 1, 2026, Carbajosa’s official date of retirement.

Carbajosa is retiring after nearly two decades with the fourth-generation, family-owned and operated smoked fish company. He first joined Acme in 2007 as its CFO, then becoming President in 2020, and CEO in January 2024...

US to Impose 25% Tariff on Japanese and Korean Imports Starting August 1

President Donald Trump's tariff letters are being rolled out, with Korea and Japan at the forefront. In identical letters released on July 7, the administration announced that both countries will face a 25% tariff on all goods imported into the United States, effective August 1.

In identical letters sent to the leaders of both countries, Trump declared that the US would impose the tariffs “on any and all Korean (Japanese) products sent into the US,” including goods transshipped through third countries in an attempt to bypass the...

Norway Exports NOK 85.2 Billion in Seafood in First Half of 2025, Increases 6% YOY

According to a recent news release from the Norwegian Seafood Council (NSC), Norway's seafood exports increased by NOK 4.6 billion (USD $ 454.46 million), or 6%, during the first half of 2025, when compared to the same period last year, thus signifying the best first half to date for the European country.

From January to June of this year, Norway exported a total worth of NOK 85.2 billion (USD $8.4 billion) and a total volume of 1.3 million tonnes of seafood, with June alone...

SFP 2024 Reduction Report Reveals Decline in Sustainability of Key Fisheries 

Sustainable Fisheries Partnership (SFP) has released its 2024 Reduction Fisheries Report, revealing a significant decline in the performance of key fisheries that supply marine ingredients for fishmeal and fish oil production. 

The annual report evaluates the stock health, management quality, and overall sustainability of major Pacific and Atlantic fish stocks, with a primary focus on European and American fisheries. 

Now in its 15th edition, the 2024 report assesses 22 fish stocks (across 26 fisheries) used for reduction purposes, reflecting their status as of...

Recall Issued for Vicente Marino's Anchovy Fillets in Olive Oil Due to Histamine 

The Canadian Food Inspection Agency (CFIA) has issued a recall for Vicente Marino's anchovy fillets in olive oil due to histamine contamination.  

The anchovies were distributed in Alberta, British Columbia, Nova Scotia, Ontario, Quebec, Saskatchewan, and possibly other regions.  

The recall affects jars with a Lot # of 24171 and an expiration date of 12/2025.  

The CFIA says there have been reports of illnesses and is advising consumers not to eat, use, sell, serve, or distribute the product. The products...

Corbion Gains Chinese Approval for Algae-Based Omega-3 DHA Products, Unveils Executive Changes 

Corbion has secured multiple regulatory approvals from China’s General Administration of Customs (GACC) for its algae-based omega-3 DHA products, allowing for expansion to the Chinese market.  

The Netherlands-based sustainable ingredients company markets its omega-3 products under the AlgaPrime™ DHA and AlgaVia™ DHA brands. Available in powder, liquid, and oil forms, Corbion says the products are designed to meet the growing demand for high-quality sustainable nutrition for humans and animals.  

“China is an important and fast-growing market for...

Tariffs, Dollar Slump and High Crab Prices Threaten Slowdown in Consumption

Uncertain waters ahead: July tariffs and dollar decline threaten US seafood markets.

US seafood prices and supply chains are entering a period of significant uncertainty as the Trump administration's new tariffs and a weakening dollar take hold. Unless agreements are reached, tariffs on imported seafood are set to rise further starting July 8-9, reshaping the cost structure for importers and customers alike.

OAA and USDA Economic Research Service estimate that roughly 80% of U.S. seafood consumption is sourced from imports, with five countries supplying over half...

ANALYSIS: Wild Salmon Week in Review — Week 26, June 29–July 5

While stronger Copper River landings have yet to materialize, Bristol Bay continues to gain momentum. Last week recorded the largest weekly landings in the Bay since the historic 2022 run. Through statistical week 26, Bristol Bay landings reached 22.75 million fish, a 58 percent increase over the same period last year and 53 percent above the five-year average. This robust harvest has been a key driver of broader market pricing trends, as buyers shift focus to the Bay’s high-volume production. The market enters this week with attention firmly on Bristol Bay as peak harvest approaches and pricing trends continue to...