Norwegian seafood exporters are bracing for potential trade barriers in the United States as the upcoming presidential election could result in increased tariffs on imported goods.
Donald Trump has proposed the heaviest tariffs since the 1930s, including a 60 percent tax on products from China and a 10 to 20 percent fee on all other foreign goods, a move that could affect Norway’s salmon industry, which considers the US a key growth market despite its traditional focus on Europe.
First Seafood, a major player in the Norwegian seafood sector, recently opened a new processing facility in Godvik, near Bergen, with the US market in mind. The plant aims to scale up to 50 tonnes of raw material daily, with a significant portion of the output designated for US buyers.
“We’re very focused on the US election. If Trump becomes president, it could mean a 10 percent tariff,” said First Seafood’s Chief Commercial Officer, Roy Olsen, in an interview with Bergensavisen. Tariffs could complicate export plans for the Godvik facility, where production is currently in its initial stages.
For the full year 2023, Norway exported 71,113 tons of salmon to the US, up from 66,432 MT in 2022, and the US remains one of Norway’s top 10 seafood markets by value, representing a NOK 13.7 billion ($1.26 billion) market in 2023, an 18 percent increase over the previous year. Salmon is a key contributor to this growth, making the US a significant, if smaller, target for Norway’s export expansion.
In an email exchange with SalmonBusiness, Olsen expressed concerns about the broader implications of potential tariffs. “Trade barriers should be all exporters’ and importers’ concern at the moment,” he said, acknowledging the uncertainty around Trump’s trade stance.
First Seafood Chief Marketing Officer Evgenia Kozlova emphasized the company’s adaptability in responding to shifting demand across regions, highlighting the strategy to maintain operational flexibility amid global uncertainty.
“The United States, in particular, is a key market for us, and we are actively working to expand our presence there,” Kozlova stated. “At the same time, we are flexible in our operations, enabling us to respond efficiently to shifts in demand across regions.”
