US – What might the election of Donald Trump mean for the seafood industry? Economic reports already are pointing to his platform of opposing trade and pulling out of the North America Free Trade Agreement (NAFTA), a stance that goes against more than 30 years of American policy under presidents of both parties.
NAFTA connects trade between Canada, the US and Mexico, and Trump has pledged to impose trade barriers that could reduce markets for seafood and other US exports and drive up the cost of imports, causing banks to restrict lending, according to the New York Times.
It also is a foregone conclusion that he will tank the controversial Trans-Pacific Partnership. If Trump does implement trade protectionist policies, it could tip the economy into a recession, cautioned global economists.