With retail sales increasing and retailers rushing to bring merchandise into the US ahead of proposed new tariffs on products from China, imports at the nation’s major retail container ports have set two new records this summer and are expected to set another this month, according to the Global Port Tracker report by the National Retail Federation and Hackett Associates.
Several marine incidents in China are reported to involve merchant vessels inadvertently entering fish farms, off the coast of Lanshan in the Shandong Province. Huatai Insurance Agency handled overall 71 fishery farm entry claims in China through 2017.
The US Office of the United States Trade Representative released a list of about $16 billion worth of imports from China that will be subject to a 25% additional tariff. This is a response to China’s retaliatory tariffs on $60 billion worth of US goods last week. The tariffs will be collected by August 23.
China imposed retaliatory tariffs on $60 billion worth of US goods last week. The products range from LNG to some aircraft and warned that it may impose more measures, indicating that it won’t step back in the trade war with the US. The tariffs range from 5 to 25%. From its part, the US announced higher 25% tariffs on $200 billion worth of Chinese imports,
As shipping is transporting around 80% of global trade by volume, the security of maritime trade is paramount. To address this issue, IMO organized a workshop in Ningbo, China, from 23 to 27 of July. The event aimed to review the implementation of maritime security in the region and evaluate new or evolving threats.
The current fishing ban in China, issued by the Ministry of Agriculture and Rural Affairs, will be lifted in South China Sea from 16 August 2018, the UK Club said citing information by Huatai. Following this, the waters of East China Sea, Yellow Sea and Bohai Sea will see the ban lifted in September.
As of 1 August 2018, Customs Authorities in China will accept electronic documents at the point of Customs declaration, and will not longer require paper documents as a strict prerequisite for clearance. This decision aims to facilitate foreign trade and improve the efficiency of customs clearance at ports.
China will base the rescue ship ‘Nanhaijiu 115’ to the Nansha Islands, showing its commitment to fulfilling its duty in the South China Sea. The ship will set sail for Zhubi Reef from Sanya, Hainan province, on Friday August 2 and it will be stationed there for an unknown period.
Freight forwarders will be keeping a close eye on tariff developments, which will be worrying for US importers and logistics providers, as they could be hit hard should President Trump come through with his threats, according to online freight forwarder iContainers.
Although a growing proximity between US President Trump and North Korean Leader Kim is important to deescalate political tension in the Pacific, their alliance could potentially leave 29 Panamaxes unemployed, while providing employment to only 11 Supramaxes, according to Drewry.
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