President Donald Trump will impose 10 percent tariffs on $200 billion worth of Chinese imports.
Trump also announced those duties will rise to 25 percent from January 1, 2019 according to CNBC. The list of goods affected by customs includes Chinese seafood.
China has announced countermeasures.
“If China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional import,” said Donald Trump in a statement, according to the news site.
Chinese authorities have made it clear that they do not want to negotiate with Trump as it stands.
“China is not going to negotiate with a gun pointed to its head,” said a senior official who advises the leadership on foreign-policy matters according to the Wall Street Journal.
Sigmund Bjørgo, Director of China and Hong Kong in the Norwegian Seafood Council, has said that an additional tariff of Chinese seafood will have major consequences for the entire global seafood market. He also pointed out that uncertain framework conditions for global trade in seafood are disrupting the Norwegian seafood industry.