Seafood organizations and companies had varied reactions to U.S. voters electing Donald Trump as president-elect on 5 November, which will likely have far-reaching impacts on the U.S. and global economy.
The new administration’s proposed policies on tariffs, inflation, and immigration are among the issues likely to impact global seafood trade.
Pembroke, Massachsetts, U.S.A.-based PanaPesca USA congratulated President-Elect Trump, “who represents the values of strength, resilience, and transparency – qualities we hold in high regard at PanaPesca,” the company said on LinkedIn.
“Like the seafood we proudly bring to tables across America, we believe in integrity, transparency, and honesty at every step of our journey. Here’s to a future built on shared principles and a commitment to excellence. Together, let’s make seafood – and America – great,” PanaPesca USA said.
PanaPesca USA Founder and President Michael Davis told SeafoodSource he believes a Trump presidency will benefit the country and Americans by helping alleviate increased fuel and food costs and wasteful spending, among other actions.
“The policies may not be geared toward the seafood industry. We are one of the biggest importers of squid in the country, and he raised the tariffs by 25 percent, which impacted everyone in the squid business,” Davis said. “But, when the rest of the country is growing, the economy is strong, and there is unity in the country – which was felt while he was there, in my opinion – there is better growth for everyone.”
The net effect will be an increase in customer and consumer confidence, Davis said.
Thue Holm, founder and managing partner of Aquafounders Capital in Kolding, Denmark, and co-founder and advisor at Atlantic Sapphire, said the Trump administration has the opportunity to grow recirculating aquaculture system (RAS) farms in the U.S.
“One of the biggest challenges of building in the U.S. is navigating its complex regulations, standards, and certifications. The construction sector is primarily focused on housing and infrastructure, making it particularly challenging to build manufacturing facilities,” he wrote on LinkedIn. “If Trump aims to bring manufacturing back, addressing some of these challenges will be essential to make factory construction more feasible.”
Because around 90 percent of seafood consumed in the U.S. is imported, there is a strong opportunity to boost domestic production and RAS farms “could play a pivotal role in meeting this demand,” Holm said. “If building becomes easier and domestic production is supported, I’m optimistic about seeing more RAS farms across the U.S.”
Meanwhile, the U.S. National Fisheries Institute “looks forward to working with President Trump and his administration on all aspects of seafood,” NFI President and CEO Wallenda Picard said in a statement to SeafoodSource.
“While we are still awaiting the final determination of several House and Senate races, clearly there will be new members of Congress NFI will need to educate on the complexities and significance of seafood. Policymakers must understand the importance of our industry both as a source of nutrition and a source of jobs,” Picard said.
FMI – The Food Industry Association President and CEO Leslie G. Sarasin said FMI’s member companies are committed to working alongside President-Elect Trump and the new Congress, “recognizing the immense duty the food industry has in feeding families across the nation."
"To meet this responsibility in an increasingly complex business landscape, we need policies that foster growth, reward innovation, and empower our industry to continue meeting the evolving needs of our customers,” she said.
Tariffs are one of the biggest concerns among seafood suppliers and organizations. Trump has proposed heavy tariffs on goods from China that could exceed 60 percent and tariffs of as much as 20 percent on everything else that the U.S. imports – which could impact foreign seafood industries that are dependent on exporting to the U.S.
During his last presidential term, Trump established tariffs on Chinese goods starting in 2018, which impacted several seafood products, kicking off a trade war with China that resulted in Chinese tariffs on U.S. goods. In 2021, U.S. President Joe Biden reinstated exclusions for certain seafood products, but other tariffs remain in place.
Trump’s tariff policies would negatively impact retailers, which rely on overseas suppliers, according to an analysis by data and forecasting firm eMarketer.
“Grocers would feel the impact on many of the food items they sell – like coffee and avocados. The tariffs would hit retailers' top and bottom lines, and those costs would be passed along to consumers,” eMarketer wrote.
The policies would also likely result in retaliatory tariffs from other countries, leading to even higher prices and potentially crippling U.S. manufacturing exports, eMarkter said.
Inflation is another area of concern. After declining over the past few months and moving closer to the U.S. Federal Reserve’s 2 percent goal, inflation could hike up again under Trump’s economic plans, according to economists surveyed by The Wall Street Journal in July, according to eMarketer. Prices could rise by as much as 6 percent to 9.3 percent, according to eMarketer.
Trump’s proposal of mass deportation of immigrants would also negatively impact labor supply in the food, services, and manufacturing sectors, eMarketing noted.
“Deporting 1 million or more workers, as Trump has proposed, would raise the specter of stagflation – slower economic activity with rising inflation,” the firm said.
Even with U.S. Federal Reserve intervention, U.S. inflation would still rise 35 basis points above baseline in 2025 and 54 basis points in 2026, per Peterson Institute estimates, eMarketer said.
