Chilean salmon and wine exporters are starting to feel the pinch from the Trump Administration's increased tariffs. Photo by Taha Samet Arslan/Pexels
Sept. 17 (UPI) -- Chilean salmon and wine exports to the United States have begun to decline after President Donald Trump imposed greater tariffs on imports.
About 40% of salmon produced in Chile goes to the United States, where it makes up 55% of the market supply. Starting in April, an additional 10% tariff was imposed. At the time, Chile's industry warned the tariff would cause demand to drop, resulting in about $571 million in annual losses for companies.
Aquaculture companies have already reported weaker financial results.
Ricardo García Holtz, vice president of Salmones Camanchaca, said consumption has become unstable, with "weakened demand due to the new tariffs, which has meant a substantial drop in prices."
