The B.C. salmon farming sector says slapping 25 per cent tariffs on Canadian goods will impose yet another "substantial and unnecessary" burden on the province's beleaguered aquaculture industry.
U.S. imposed tariffs will lead to significant job losses, a decline in revenues by hundreds of millions of dollars, and an estimated reduction in GDP between $155 and $168 million, according to the BC Salmon Farmers Association.
"Farm-raised salmon plays a vital role in Canadian food security and trade, providing 380 million nutritious meals every year and contributing $1.17 billion in annual economic activity while supporting communities and over 4,500 jobs across the country," reads a March 4 media release. "Ensuring its continued accessibility is not only critical to salmon farmers but also to the broader Canadian economy. Salmon farming relies on an integrated supply chain built on products from Canada and the U.S., from ingredients in salmon feed to food-safe packaging, with many suppliers and services in between."
Twenty-five per cent tariffs on Canadian exports and 10 per cent tariffs on Canadian energy took effect Tuesday following a 30-day pause.
According to the association, about 70 per cent of farm-raised salmon produced in B.C. is sold to American consumers. Imposing a 25 per cent tariff could lead to a decrease in U.S. demand by 32 to 40 per cent, the association says.
In addition, the association says these tariffs could lower revenues for B.C. salmon farmers by between $131.5 million and $142.4 million annually. The decline in incomes for Canadian workers would range from $68 to $73.6 million, potentially leading to the loss of between 1,100 and 1,195 jobs, said the association.
