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Thursday, Aug. 13, 2020

Can federal trade policies reverse the fortunes of Maine’s lobster industry?

William Boger, Gigafact
no

China's retaliatory tariffs on U.S. imports have affected demand, but longer-term challenges for Maine's lobster economy lie beyond the reach of trade policy.

Warming ocean temperatures fueled a 20-year boom in lobster populations in waters off Maine and Canada, by 2016 making lobsters a $1 billion commodity in North America. Growing global appetites for a luxury menu item sustained prices. The lobster catch in Maine has declined since, with 2019's preliminary figure down about 23% from 2016. Scientists studying marine conditions say decline is likely to continue as waters off Maine may become too warm for lobsters to thrive.

China's tariffs of up to 37% have raised lobster prices there, while the coronavirus has hurt the restaurant trade all over Asia and North America. The White House has said it may offer relief to the industry.

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