Trump’s potential removal of Russian fish import ban raises concerns for Iceland’s fish exports to United States

The potential removal of the Russian fish import ban by Donald Trump could have a significant impact on Iceland’s fish exports to the United States, according to industry experts. Albert Erluson, managing director of Hólmaskers, a company primarily focused on the U.S. East Coast market, stated that while the situation remains uncertain, the effects of such policy changes could be severe.

Trump’s election campaign has been characterized by promises of imposing tariffs on imported goods. However, it is unclear how these policies will unfold. If Trump were to lift the ban on Russian fish imports, this could create stiffer competition for Icelandic fish exporters. Erluson expressed concerns, noting that lifting the ban would likely exert upward pressure on prices, compelling exporters to adjust their pricing strategies to remain competitive in the market.

Currently, the United States, under President Joe Biden, has a ban on Russian fish imports due to the country’s actions in Ukraine. This ban has, in turn, opened up market opportunities for Icelandic fish exporters. Erluson highlighted that should the ban be lifted, it would have a more detrimental effect on Iceland’s fish exports than the imposition of tariffs would.

Despite these challenges, Erluson believes that Iceland’s positioning in the fish export market is robust. He remains cautiously optimistic, indicating that the outcome is still up in the air, and emphasized the importance of adapting to shifts in trade dynamics to maintain competitiveness.