High Liner Foods has diversified its processing operations, sourcing approximately 30% of its total volume from China, helping to insulate the company from new US tariffs of 20% on Chinese goods and 25% on Canadian imports. CEO Paul Jewer highlighted these strategies during the North Atlantic Seafood Forum.
High Liner Foods, based in Lunenberg, Nova Scotia, faces challenges due to the additional tariffs imposed by the United States—20% on imports from China and 25% on those from Canada. However, CEO Paul Jewer stated that the company’s diversified sourcing and processing operations provide a degree of insulation against these tariffs. Currently, about 30% of High Liner’s total processed volume is sourced from China, and the company has shifted its strategy to mitigate potential impacts from these tariffs. This diversification is a strategic move to maintain stability amidst changing trade dynamics and market conditions.
In conclusion, High Liner Foods is strategically positioning itself to navigate tariffs affecting imports from China and Canada. Through diversified sourcing and processing, the company aims to mitigate financial impacts and enhance its resilience in a complex trade environment. High Liner’s proactive adjustments will be critical in sustaining its operations while adapting to external pressures.
Original Source: www.undercurrentnews.com
