According to the EU, the US tariffs will affect a total of €26 billion in EU exports.
In response to the tariffs imposed by the United States on certain European products and other trading partners, the European Commission is working on a series of countermeasures to "protect European businesses, workers, and consumers from the impact of these unjustified trade restrictions."
For this reason, the EU has started the process of imposing additional countermeasures targeting certain U.S. products, such as "certain seafood," that will target approximately €18 billion worth of goods.
The European institution has made this decision as it believes the US tariffs have a much broader scope and affect a significantly higher value of European trade.
According to the EU, the US tariffs will affect a total of €26 billion in EU exports, which accounts for 5% of the total EU goods exports to the U.S. It is expected that U.S. importers will have to pay up to €6 billion in additional costs due to these measures.
Furthermore, the Commission will reimpose on 1 April 2025 the suspended 2018 and 2020 rebalancing measures. These will automatically be reinstated once their suspension expires on 31 March. For the first time, these rebalancing measures will be implemented in full. Tariffs will be applied on products ranging from boats to bourbon to motorbikes.
In 2023, the U.S. imported CAD 4.9 billion worth of Canadian fish and seafood, accounting for 64% of the country's total seafood export value, according to Canada's Department of Fisheries and Oceans. This is the reason why Canada's seafood-producing provinces aim to "diversify markets" in response to the US tariffs threat.
Nova Scotia is now aiming to expand its foothold in Europe, with Nova Scotia's Fisheries and Aquaculture Minister Kent Smith embarking on a trade mission to Europe together with Nova Scotian and other Atlantic Canadian seafood companies. The goal is to develop markets in Italy, France, and the United Kingdom.
Additionally, the Newfoundland & Labrador government is redirecting almost CAD 6 million in funding in support of "market diversification" for its seafood and fisheries sector.
