High Liner Foods executives said further tariff hikes would likely derail a much welcomed period of raw material price stability as the increasingly fraught trade war between the united States and China heats up.

During Tuesday's first-quarter results webcast, analysts pressed the company on whether rising raw material prices would continue into the second and third quarters this year.

"They have virtually stabilized. In fact, we are starting to see a decline in one of the species, so we are not anticipating significant raw material cost increases in the balance of the year, again other than subject to may what happen as a result of tariffs," High Liner CFO Paul Jewer said.