Tag: trade war

Shares of car shipping companies plummeted after Trump expanded his trade war by imposing a 25% tariff on vehicles not made in the US.

International Chamber of Shipping (ICS) commented on the United States Trade Representative (USTR) Section 301 Investigation public hearing.

The proposed U.S. port fees could lead to legal disputes, disrupt charter rates, impact vessel asset values, and shift global trade flows.

As global trade tensions escalate due to U.S. tariffs and retaliatory measures from key trading partners, Danish Shipping examines the potential impact on the shipping industry and the broader economy.

China Shipowners' Association opposes the US proposal for port entry fees saying it violates international rules and US laws.

Joe Kramek, President & CEO of the WSC, expressed his request to testify at the Inter-Agency Section 301 Committee’s hearing on 24 March.

On 12 March, the US imposed up to 25% tariffs on steel and aluminum imports, prompting EU countermeasures.

Some shipping companies are discreetly shifting operations out of Hong Kong and re-flagging vessels due to concerns over potential commandeering by Chinese authorities or U.S. sanctions in the event of a U.S.-China conflict.

According to Xeneta, a delay in tariffs on Mexico imports does little for US shippers still facing a 10% hike on tariffs from China.

Xeneta highlighted that uncertainty in Trump's trade policy leaves US shippers braced for supply chain chaos.