Lobster Prices...

[ivanputski]

Anyone know what has pushed this season's lobster prices down to $4.99 per pound at supermarkets?

This seems to be the lowest I can remember.

Is there just a huge supply this season, or has China
started farm raising? Who KNOWS why?

[Nebe]

I’m gonna go out on a limb and say that China put big tariffs on American seafood and crashed the demand for it.
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[spence]

Originally Posted by Nebe

I’m gonna go out on a limb and say that China put big tariffs on American seafood and crashed the demand for it.
Posted from my iPhone/Mobile device

Likely this...
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[Nebe]

Originally Posted by spence

Likely this...
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If I’m right, and I usually am, the lobsterman of Maine got double screwed.. steel tariffs mean the cost of their gear went up too.
MAGA!!!
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[Guppy]

I spend that to go pull um ��

[spence]

Originally Posted by Nebe

If I’m right, and I usually am, the lobsterman of Maine got double screwed.. steel tariffs mean the cost of their gear went up too.
MAGA!!!
Posted from my iPhone/Mobile device

Same thing is happening back home. The soybean prices have gone way down and farmers use a lot of steel.
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[MakoMike]

I think its mostly a season thing, we usually see low prices this time of year, but I don't doubt that the tariff thing has also contributed.

[Pete F.]

It's because of a 25% retaliatory tariff imposed by the Chinese government, not because of something democrats made up

From the Bangor Daily News

Those shipments have come to a grinding halt due to a 25 percent tariff China placed on Maine lobster in retaliation for the Trump administration trade actions. The tariff has severely tightened what has been one of the Maine lobster industry’s largest export destinations in recent years.

“I can’t replace China, that’s the reality,” Nadeau said. “No one knows what to do because we don’t know how long this is going to last.”

Pingree met with Nadeau Wednesday on the floor of The Lobster Company’s processing plant. The two spoke about how Nadeau’s business has been impacted by the Chinese retaliatory trade tariffs. Nadeau said she had to cut one-third of her wholesale staff because of the slowdown in shipping.
"Nadeau is just one of many dealers in Maine whose primary markets are China and Europe, Pingree said. The effects are being felt up and down the Maine coast. The international seafood brokers are looking elsewhere, mainly north to Canada to fill their orders.

“Who can blame them? I’ve asked them can you please direct me to another fish eating country with 1.5 billion people and I’ll fly there tomorrow. There isn’t one,” Nadeau said."

[Jim in CT]

They can't sell the lobster in China with the 25% tariff? I only ask because here at least, a 25% swing in the price/lb isn't unheard of.

And her question of looking for a country of 1.5billion is a bit silly, you don't need a country that big or there's be no market here in the US.

I had no idea we exported that much lobster to China. It's not a good story for the wholesalers at all.

[Pete F.]

Originally Posted by Jim in CT

They can't sell the lobster in China with the 25% tariff? I only ask because here at least, a 25% swing in the price/lb isn't unheard of.

And her question of looking for a country of 1.5billion is a bit silly, you don't need a country that big or there's be no market here in the US.

I had no idea we exported that much lobster to China. It's not a good story for the wholesalers at all.

We exported 1.3 billion dollars worth of seafood to China last year, Canada is currently very happy with Trump about this part of the tariffs, combined with the difference in exchange rate (a byproduct of our GREAT economy) Canadian lobster is much less expensive than US.
It will hurt the fisherman, always does

[Ed B]

A lot of other agriculture products are sitting in silos now too because of tariffs. Corn, soybeans, leaving countries to finding other suppliers. US farmers and fisherman are loosing markets.

Lumber prices have jumped a lot too for the US homebuilders because of Canadian import price increases and I'd expect demand and cost to increase further after the hurricanes. Go see what a square of cedar shingles is at Home Depot now. Its like hanging prime rib on the side of your house.

[nightfighter]

So, in truth, it can be said: It's Trump's fault.....

[Nebe]

Yes. Making America’s industries great again...at other professions expense.
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[Sea Dangles]

Very shortsighted outlook for some here.
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[nightfighter]

I agree in principle, but how he is choosing to effect the economic change in his favor does not appear to have the teeth to work. Another $200 billion in tariffs on Chinese imports announced today. Just waiting on Chinese retaliation..... What industries and American households will they affect negatively? How would you feel if 50% of the market producing your household income was eliminated overnight? Americans already will pay the tariffs IF they choose to buy the affected products.

[Nebe]

Tariffs are just a sneaky back door tax. I don’t think the majority of Americans even understand what a tariff is.

In the mean time I might have to go buy some lobsters and help support our friends in Maine.
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[spence]

Originally Posted by nightfighter

I agree in principle, but how he is choosing to effect the economic change in his favor does not appear to have the teeth to work. Another $200 billion in tariffs on Chinese imports announced today. Just waiting on Chinese retaliation..... What industries and American households will they affect negatively? How would you feel if 50% of the market producing your household income was eliminated overnight? Americans already will pay the tariffs IF they choose to buy the affected products.

Did you also notice cell phones and related we’re exempt? I’d note that a recent report said only 3% of tax free cash has been repatriated so far.

And the deficit is soaring.
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[nightfighter]

Chinese retaliation has every opportunity to hit equipment and parts that phones and related accessories need for assembly. Will hit right during Christmas buying season and could easily turn market south in last quarter..... We are in for some pain ahead IMO. And that is part of my long term view. First time in almost ten years I would consider taking some long term gains off the table...

[Nebe]

I agree Ross. It’s concerning.
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[Jim in CT]

Originally Posted by Nebe

Tariffs are just a sneaky back door tax. I don’t think the majority of Americans even understand what a tariff is.

In the mean time I might have to go buy some lobsters and help support our friends in Maine.
Posted from my iPhone/Mobile device

The tariffs are Trump's doing, and for sure they are causing some pain in certain sectors, and Trump absolutely owns that. I assume Trump thinks it will ultimately pay of with more favorable terms from China, who hasn't been a very good friend in terms of stealing intellectual property and the like. And the tariffs might be hurting China more as their stock market is absolutely in the toilet, and everything I'm reading says his tariffs are a reason why.

Would be nice to hear him admit that there is damage being done here, and what he plans to do about it.

"In the mean time I might have to go buy some lobsters and help support our friends in Maine."

The most brilliant idea I've heard in a year!!

[Jim in CT]

Originally Posted by spence

And the deficit is soaring.
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Funny how you started being concerned about that, as soon as Trump's hand came off the bible at his inauguration. Lots of liberals became deficit hawks on that day. Just a coincidence.

It's absolutely a valid concern. But in your case, your concern about the deficit is quite selective, isn't it?

[Jim in CT]

Originally Posted by nightfighter

time in almost ten years I would consider taking some long term gains off the table...

Have to consider it. I have very strict stop-loss orders in place, anything that drops by 15% gets sold. Might cost me some upside, but I'm concerned about limiting my downside. The correction is coming.