The importing of tra, basa, and channel catfish at relatively lower prices has resulted in less catfish purchased from U.S. farmers and processors. Claims have been filed with the U.S. International Trade Commission (ITC) accusing Vietnamese exporters of selling catfish to the U.S. at less than fair market value. Consequently, the U.S. International Trade Commission ruled against Vietnam in 2003 and recommended tariffs from 37% to 64%. The primary objective of this research is to assess the impact of the tariffs on imported Vietnamese catfish on the U.S. catfish industry. In this study, we develop a supply and demand model of the U.S. catfish industry at the farm and wholesale level. In this model, we incorporate the effects of imports and estimate the short-run and long-run effects of changes in import prices on U.S. prices, quantities and welfare at the farm and wholesale level.