Maine Lobster Industry Feels Pinch of Trade Tensions

Trump tariffs' effects are hitting Maine company, but stocks not as hard as others

By Alex Acree, Special to the Press Herald

April 7, 2025

The tariffs imposed by the Trump administration on steel and aluminum imports are having a significant impact on a Maine company, but its stock prices are not taking as big of a hit as some others in the industry.

The Maine company, which is a major manufacturer of boats and yachts, has seen its steel and aluminum costs increase by around 20 percent since the tariffs were implemented in March. However, the company's stock price has only dropped by around 5 percent, compared to some other companies in the industry that have seen their stock prices decline by as much as 20 percent.

"We are doing everything we can to mitigate the effects of the tariffs," said the company's CEO. "We are working closely with our suppliers to try to find ways to reduce our costs, and we are also exploring alternative materials to use in our products."

The company's CFO added that the tariffs are having a bigger impact on some of the company's competitors, which are more heavily reliant on imported steel and aluminum.

"We are in a good position to weather this storm," the CFO said. "We have a diverse range of products and a strong balance sheet, which will help us to continue to grow and thrive despite the tariffs."

The company's stock price has been steadily increasing over the past year, and the CEO believes that the company's strong performance will continue despite the tariffs.

"We are confident that our company will continue to do well, even with the tariffs in place," the CEO said. "We have a strong management team and a solid business plan, and we are well-positioned to take advantage of any opportunities that may arise as a result of the tariffs."

The company's stock price has been affected by the tariffs, but it is not the only company in the industry that has seen its stock price decline. Many other companies that rely heavily on imported steel and aluminum have seen their stock prices drop by 10 percent or more since the tariffs were implemented.

The tariffs are expected to have a significant impact on the industry as a whole, with some analysts predicting that they could lead to a decline in the value of steel and aluminum imports. However, the Maine company is well-positioned to weather the storm, according to its CEO.

"We are in a good position to take advantage of any opportunities that may arise as a result of the tariffs," the CEO said. "We have a strong management team and a solid business plan, and we are well-positioned to continue to grow and thrive despite the tariffs."