(WWLP) – With so much focus on the inflationary spiral, 22News spotlights one sought after seafood whose sky high prices may soon be coming down.

Right now a two pound lobster retails for at least $40 , but that’s based on the idea that China has cornered the market on lobsters from Maine.

Mike Fitzgerald, owner of Schermerhorn’s Seafood in Holyoke, told 22News that lobster prices may soon come down. He noted an Associated Press report that China has backed down from buying more Maine lobsters, as it had earlier promised.

Fitzgerald said “This could be great news for local lobster lovers” who may have an easier time buying lobsters in the near future.

State regulators say the Maine lobster industry set a record of $725 million in 2021 for the total value of lobsters sold, which was $300 million more than in 2020.

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PORTLAND, Maine (AP) — China has failed to live up to its promise to buy more Maine lobster under a deal that opened the door to an easing of a trade war under former President Donald Trump, Maine’s congressional leaders say.

Maine’s lobster industry was hurt by retaliatory Chinese tariffs in 2018 and failed to see substantial export gains after China committed to buying an additional $200 billion in U.S. goods, the delegation contends.

Under the “Phase One Agreement,” China was supposed to increase purchases above 2017 levels but China has bought “almost no lobster above 2017 levels,” according to a letter Thursday by Maine Sen. Angus King, an independent, and Reps. Chellie Pingree and Jared Golden, both Democrats.

They urged U.S. Trade Representative Katherine Tai to “hold China accountable for its purchase commitments.”

Republican Sen. Susan Collins of Maine earlier sent a letter voicing the same concerns and urging “swift and appropriate action.”

Maine’s live lobster sales to China fell in the year after the lobster tariff was imposed in July 2018, and China shifted its lobster purchases to Canadian dealers, industry officials said.