AquaChile has received refunds for tariffs that were imposed by US President Donald Trump, inset, that were ruled to be illegal.

AquaChile parent company claws back $48m of tariffs from Trump

US levies had been imposed on salmon and meat

By Gareth Moore and Jonathan Garces By Gareth Moore and Jonathan Garces
Published

Chilean aquaculture and agriculture giant AgriSuper has received approximately US $48 million in refunds of tariffs paid on its exports to the United States.

AgriSuper, which owns the country’s largest salmon farmer, AquaChile, said in its report for the first half of 2026 that the refunds were for tariffs paid on both its meat (chicken, beef, and pork) and salmon exports to the US in 2025 and the first quarter of this year.

AgriSuper’s consolidated sales revenue for H1 2026 was US $2.227 billion, $67m less than the $2.294bn made in the same last year.

Ruling opened door to claims

Companies have been able to claim refunds since US President Donald Trump’s original tariffs were challenged in court and ruled to be illegal.

The Trump administration recently imposed new tariffs which it says are being used on countries that don’t make strong enough efforts to prevent the import of goods made with forced labour, but this is widely viewed as an excuse to impose levies rather than a genuine effort to combat such practices. The new tariffs are again facing legal challenges within the US.  

The meat division made revenue of $1.321bn, down by 1.7% compared to the same period in 2025, and AquaChile brought in $904m, down 3.7% year on year. AgriSuper said the decline in average sales prices for salmon compared to the first half of 2025 was offset by a reduction in costs, attributable to the refund of US tariffs and lower operating costs.

6% up for AquaChile

AquaChile achieved an EBITDA (excluding fair value adjustments) of $190m, a 6% increase compared to H1 2025. AgriSuper’s consolidated EBITDA (excluding fair value adjustments) was $431m, 3.8% lower than the EBITDA for the same period in 2025.

AgriSuper's consolidated net income (excluding fair value adjustments) for H1 was $238m, a figure $9m lower than achieved in H1 2025.

AgriSuper said that during the second quarter of 2026, the global supply of Atlantic salmon grew by 2% compared to the same period the previous year, driven primarily by the Norwegian and Faroe Islands industries - which saw growth of 2% and 27%, respectively - while supply from Chile decreased by 4% during the period.

Prices up in Q2

Prices for fresh Chilean salmon fillets in the US rose by 2.7% compared to Q1 and by 5.6% year on year. In the Brazilian market, the price of fresh whole salmon increased by 8% during Q2, reflecting solid demand in that market.

Regarding Pacific (coho) salmon, shipments of frozen fillets from Chile to the Japanese market decreased by 20% during Q2, a trend that supported prices in that market. There was a 5% increase in shipments of whole coho to Japan, exerting downward pressure on prices compared to the same period of the previous year.

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