Chile’s salmon industry recently reported record export figures. During the first half of 2026, exports reached 440,922 metric tonnes, representing $3.5 billion; those figures are up 15.3% in volume and 6.8% in value compared to H1 2025. They confirm a strong growth trend in the past couple of years.
By almost every measure, the sector is thriving. However the industry’s main association is sounding the alarm over new 12.5% US tariffs imposed on July 24. A decision that came as a bit of a shock for the industry. The Chilean government had sent a diplomatic mission to Washington to spare its salmon faarmers. The situation questions the industry’s capacity to diversify or even change course fast enough: the USA has become Chile’s top destination in the last couple of years and is now a source of uncertainty.
New tariffs, new reality
The United States Trade Representative (USTR) imposed new customs tariffs on goods coming from 60 countries, including Chile. The decision came after the USTR concluded that those countries lacked legislation expressly prohibiting imports of goods produced using forced labour. A ruling based on Section 301 of the US Trade Act. The USTR sanctioned those 60 countries in two different categories: 10% or 12.5. Chile was imposed a 12.5% tariff, just like Norway (the world’s biggest exporter of salmon). Among other salmon producers, the UK faces 10% while the Faroe Islands and Iceland were exempted.
The Chilean industry association “SalmonChile” quickly came forward, clarifying that the USTR decision did not accuse Chile nor the salmon farming industry of using forced labour but rather pointed Chile’s gap in its legislation when it came to importing goods. In a press release, the association expressed its surprise and concern:
Given that the United States does not produce salmon and there is no reason to apply the tariff, our expectation was that Chile would not be included in this measure and, particularly, that Chilean farmed salmon would be exempt from a new tariff, considering the characteristics of our product and its importance to the U.S. market. […] Our product represents over 40% of the US salmon consumption which means this decision could impact a trade relation that has been mutually beneficial so far. – SalmonChile
Chilean producers have had to absorb a large part of the aditionnal costs from US tariffs1, directly affecting companies’ revenues. This new tariff comes as several firms are still pursuing refunds on the earlier 10% tariffs imposed under the IEEPA mechanism in 2025, which was later ruled illegal by the US Supreme Court. The company Salmones Camanchaca alone expects to recover approximately $15 million. Other big comppanies such as AquaChile and BluGlacier also filed claims.
The stakes are high for Chile’s salmon industry: the United States represent the sector’s dominant single destination as it accounts for nearly 40% of Chilean salmon exports by value. The country has become the top destination for Chilean salmon in the past years. Brazil and Japan still represent key markets for Chile but their share has decreased over the years.
Read the rest of this analysis on The Chile Brief Substack
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