A leading Icelandic fish exporter has said that increased US tariffs are making it harder to operate and are driving prices down, RÚV reports.
Albert Erluson, CEO of Hólmasker, a company specialising in fish exports to the United States, says the rise in import tariffs is having a damaging effect on demand and pricing. “This reduces demand and this forces prices down, so that’s the effect in a nutshell,” said Mr Erluson.
Immediate Effect
The US government announced the new tariff plan last night, increasing levies on Icelandic imports from 10% to 15%. According to Mr Erluson, even the initial 10% tariff had a noticeable impact on profit margins. The latest increase, he says, will further strain exporters.
“What consumers don’t want to take on in the United States, we will take on. So we will definitely have to take on this to some extent, even a large extent, of course,” he added.
Mr Erluson also highlighted the broader economic pressures on Icelandic fishing firms, noting that a strong króna and existing fishing fees are already challenging the industry. “Adding this to it just makes things tighter,” he said.
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