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Thursday, March 5, 2026

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SM Energy Refinances Debt with $750 Million Notes Offering and Tender Offer

SM Energy announces a $750 million senior notes offering due 2034 to fund a tender offer for its 2028 senior notes, alongside providing updated financial and reserve data for Civitas Resources.

Geoduck Industry in Crisis Amid US-China Trade War

LifestyleFoodGeoduck Industry in Crisis Amid US-China Trade War

For over twenty years, Suquamish tribal member Joshua George has dived into the cold waters of the Salish Sea in search of geoducks—massive clams with a distinctive shape, long prized by his ancestors. These molluscs, weighing around one kilogram, have grown into a high-value delicacy in China, often served as sashimi or cooked in hotpots. With Washington state sending around 90% of its geoducks to Chinese markets, the demand created a lucrative export business. However, the ongoing US-China trade war has severely disrupted this fragile supply chain.

The reintroduction of steep tariffs by the US administration—up to 145% on Chinese goods—was met with China’s 125% retaliatory tariffs, hitting seafood exports hard. This political standoff has left many Washington-based divers, exporters, and tribal communities in limbo. George, like many others, is unsure if he will dive again soon. Divers such as Kyle Purser also express concern over lost income and the uncertainty of supporting their families.

The impact is immediate, as geoducks must be shipped alive the same day they are harvested. Unlike products with longer shelf lives, this seafood cannot be stockpiled. Suquamish Seafoods, a tribal enterprise, reported mass order cancellations. Washington state’s Department of Natural Resources noted only half the expected harvest had been collected by late April, slashing state revenues used for environmental projects. In 2024, about 1.5 million kilograms of wild geoducks were harvested, generating over $22 million.

As Washington’s industry struggles, Canadian exporters are gaining ground. Facing only a 25% tariff, Canadian geoducks from British Columbia have become the preferred alternative for Chinese buyers. With no US competition, prices surged from C$26 to C$37 per kilogram. Canada expects to harvest 1.25 million kilograms in 2025, valued at C$60 million. Chinese importers now bypass US suppliers entirely due to more stable pricing from Canada.

Back in Washington, divers like Derrick McRae continue limited harvesting while waiting for trade negotiations to evolve. Farmers such as Ian Child face disruption not just in sales but in the entire cultivation cycle, as they cannot mix new plantings with unharvested clams. While demand in China remains strong, the future of US geoduck exports hinges on resolving tariff tensions that have brought an entire industry to a standstill.

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