Newfoundland and Labrador reallocates $6 million to help fishing industry explore new markets

cbc.ca February 4, 2025, 10:00 PM UTC

Newfoundland and Labrador is reallocating nearly $6 million to help its fishing industry explore new markets due to potential U.S. tariffs. The funds, originally for quality studies, will now focus on opportunities in Europe and Asia over the next two years. Fisheries Minister Gerry Byrne emphasized the need for market diversification as the U.S. is a major buyer of the province's snow crab. About 90% of last year's snow crab harvest was exported to the U.S. A new fishery-specific roundtable will meet to discuss tariffs and market access. This group will not handle price negotiations but aims to address the impact of tariffs on the upcoming fishing season.


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