Ocean Supreme monitors U.S. elections amid trade concerns in Ålesund

Employees at Ocean Supreme in Ålesund are closely monitoring the ongoing U.S. elections as concerns about future trade policies grow. The company, which reported nearly 2 billion Norwegian kroner in revenue last year from fish exports to North America, Asia, and Africa, is apprehensive about a potential increase in tariffs under a new president. CEO Botholf Stolt-Nielsen expressed fears that new trade barriers could harm their access to the U.S. market, alongside a broader trend where countries might adopt protectionist measures.

All of Ocean Supreme’s revenue comes from exports, making market access vital. Stolt-Nielsen recalled that during Trump’s prior presidency, numerous trade conflicts escalated, particularly between the U.S. and China. He cautioned that similar tensions could rise again, impacting smaller nations’ trade strategies.

In 2023, Norway exported seafood worth 172 billion kroner. Moving forward, Ocean Supreme aims to secure access to other markets alongside the U.S. Lene Trude Solheim, regional director of NHO in Møre og Romsdal, emphasized the importance of collaboration between the EU and the U.S. regarding tariffs and trade solutions, underscoring the need for coordinated efforts to address potential sectoral impacts.

Other industry leaders also expressed concern about the implications of the election. Tore Ulstein, chairman of Ulstein Group, foresees likely increases in tariff barriers, which would adversely affect international trade. He stressed Norway’s dependency on external trade and clarity for businesses to invest strategically.

Despite the uncertainty, Stolt-Nielsen remains optimistic, drawing from past experiences of adapting to sudden changes in market conditions, including the abrupt closure of the Russian market in 2014.