The U.S. and China’s recent agreement to reduce tariffs has garnered mixed reactions from the seafood and retail industries.
In a joint statement, both the U.S. and China agreed to modify duties the two countries had placed on goods from the other country on 12 May for 90 days. Effective 14 May, both countries will reduce tariff rates by 115 percent as the two continue discussions about economic and trade relations.
As of that date, the U.S.’s additional tariffs on Chinese goods since the start of 2025 will stand at 30 percent, while China’s tariffs on U.S. goods will stand at 10 percent.
“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks,” U.S. Secretary of the Treasury Scott Bessent said in a statement.
National Retail Federation (NRF) President and CEO Matthew Shay welcomed the news, saying the group was encouraged by negotiations between the two countries which could de-escalate the trade war started by U.S. President Donald Trump.
“This temporary pause is a critical first step to provide some short-term relief for retailers and other businesses that are in the midst of ordering merchandise for the winter holiday season,” Shay said. “Over the long term, this lays the foundation for substantial progress in achieving truly fair and balanced trade relationships with both China and our other trade partners around the world.”
The NRF has been critical of increased tariffs on foreign goods and has consistently advocated that tariffs are a tax on U.S. consumers since before Trump’s inauguration.
“You can talk about a variety of different reasons for tariffs, but I think the most important thing for folks to understand is that a tariff is a tax that is paid by the U.S. importer, and it leads to price increases,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold told SeafoodSource in November 2024.
Shay said the NRF urges the administration and Chinese trade partners to reach a consensus and work on removing the remaining tariffs and provide long-term stability.
In the seafood industry, reactions to the tariff pause are mixed.
The National Fisheries Institute told SeafoodSource ...
