In a stark warning about the challenges facing the fishery sector, Danny Dumaresque, a local value-added seafood producer at Labrador Gem Seafoods, has expressed his concerns regarding the current economic climate exacerbated by U.S. tariffs.

Dumaresque reveals that traditionally, approximately 50% of his seafood products were exported to the U.S., but that reliance is becoming untenable due to a staggering 25% tariff imposed by the American government. He lamented, “There’s no way to overcome a 25% tariff.”

Fortunately, the provincial seafood industry is navigating through tariff challenges without immediate detriment; however, uncertainty looms as many producers are compelled to search for alternative markets. The fear of ongoing U.S. tariff threats has prompted Dumaresque to seek buyers in European nations such as Spain, Italy, France, and the U.K.

Highlighting a potential silver lining, he noted that “Canadians have dodged a bullet” with recent tariff discussions, but he remains realistic about the unpredictable nature of U.S. trade politics under the Trump administration. To mitigate risk, Dumaresque stated, “This is why I’m working hard to diversify my markets.”

With 450 million residents in the European Union who consume seafood at rates four times those of North America, Dumaresque is optimistic about the EU’s appreciation for Newfoundland and Labrador's high-quality seafood reputation.

In response to the pressing needs of local producers, the provincial fisheries minister, Gerry Byrne, has unveiled a Seafood Marketing Support Program aimed at fortifying businesses against fluctuating tariffs from the U.S. and China. This new initiative is part of a $5.75 million seafood diversification fund that offers non-repayable financial support of up to $100,000 per local enterprise.

Byrne emphasized the importance of this initiative, stating, “It is absolutely essential that this threat never be a burden to local producers again. While we can’t control actions from the White House, we can control our own market strategies.”

The Seafood Marketing Support Program will provide crucial guidance in several areas, including market research, development planning for new market opportunities, product adaptation for different markets, market engagement activities, and the creation of marketing materials and promotional tools.

Producers are encouraged to take advantage of this support as they navigate an increasingly competitive global seafood market, aiming to secure a successful future despite the economic challenges.