(KFDX/KKJTL) — The US lobster industry is taking a dip as the trade war with China continues.
In 2016 China accounted for 15% of the American lobster exports by value. This changed in 2018 when President Trump imposed harsh taxes on dozens of goods, including lobster.
The Chinese government retaliated by placing a 25% tariff on US lobster importers in July 2018, and recently on Sunday, they increased the tariff to 35%.
America’s lobster capital, Maine, has seen exports drop by a staggering 84%. Before the trade war, the state was looking at a record year of exports.
US lobster first became a desired dish in China during their economic boom in the early 20-teens.
The lobster’s red color was tied to prosperity, and people with disposable income ate them as a way to represent their economic status.