May 17, 2019 http://www.seafoodnews.com
President Donald Trump’s recent tweets about tariffs and China has hit both the U.S. and China hard and also influenced global markets. Some countries will likely suffer, while some are believed to benefit from the fight between the two large economies. Vietnam is likely to be a winner in this trade war.
America’s higher tariffs on Chinese commodities are expected to encourage more Americans to purchase basa from Vietnam as substitutes for China’s tilapias. Meanwhile, Vietnamese seafood exporters also intend to seize this opportunity and expand market shares in China.
Exporters are said to have targeted restaurants and hotels in China to raise their exports to their neighbor, according to media reports. And the prospect is even more optimistic thanks to China’s plan of downsizing its aquaculture facilities. Although the competition is increasingly fierce and so far China has approved 686 foreign companies as seafood suppliers, at least one significant player, the U.S., is losing its competitive edges in the lucrative market, media reports note.