Following President Trump’s tariffs on countries worldwide on 2 April, China retaliated with a 34% tariff against US imports.
On 4 April, Chinese authorities announced that starting 10 April, the country would impose a 34% tariff on all imports from the United States, in addition to the tariffs already in place.
However, cargo loaded onto ships before 10 April will not be subject to the new tariffs as long as it arrives by 13 May. These new tariffs mirror the ones the U.S. introduced on China on 2 April.
Prior to that, Trump had implemented two rounds of 10% additional duties on all Chinese imports, bringing the total tariffs on Chinese goods entering the U.S. to 54%.
According to Niels Rasmussen, Chief Shipping Analyst, BIMCO, in 2024, China was the third largest importer of US exports accounting for 7% of US exports. Chemicals, computer & electronic products, agricultural products, transportation equipment and oil & gas made up 18%, 14%, 13%, 13% and 9% of the value of US exports to China.
We expect the dry bulk market to be negatively impacted by these tariffs, affecting primarily the panamax and supramax segments. In terms of volume, grains, coal and petcoke are the largest exported commodities.
…said Niels Rasmussen.
Moreover, China’s State Council Tariff Commission criticized the U.S. actions, stating that they did not comply with international trade rules and undermined China’s legitimate rights and interests. The Commission also referred to Trump’s tariff policies as “typical unilateral bullying practices.”
In addition, China added 11 U.S. companies, including drone manufacturers, to its unreliable entity list. Beijing has imposed export controls on 16 more U.S. firms, restricting the export of Chinese dual-use items.
