Trump re-election sparks fear among seafood exporters

Nervousness has set in among Norway’s salmon exporters following Donald Trump’s re-election as US president yesterday.

During the election campaign Trump promised to impose a 20% tariff on imports including seafood which is worth around £10bn a year to Norway – most of it in the form of salmon.

The United States is Norway’s largest single market for seafood. There are also similar fears among UK, Icelandic, Norwegian and Faroese seafood companies.

The US seafood industry remain in a poor state with the country importing more than 80% of every fish that people eat.

Trump said he wants to impose a universal basic tariff  on all imported goods to strengthen American industry and jobs.

Like those in the UK, Norwegian companies exporting to the US are now nervously watching to see if Trump will turn his words into action.

Some Norwegian salmon chiefs have said they are worried about what he said during the election campaign, but others point out that Trump’s election rhetoric does not always convert into policy.

King Oscar CEO Bjørn Nordvik told the Norwegian financial website E.24 that the situation was one of great concern.

Some argue that as President, Donald Trump will not want to do anything that raises the cost of living for US citizens, and he will not want to start a global trade war which could plunge the world into recession.

They point out that he threatened something similar the last time he was elected, but very little happened.

Norwegian salmon companies can put down much of their strong growth in recent years on US demand for seafood, and salmon in particular.

At the moment, there is little they can do except to watch nervously and hope that common sense prevails.

Ironically, if Trump does act he would boost those Norwegian companies currently building salmon farming facilities in the US.