In light of the ongoing coronavirus crisis, Allianz issued a research considering that the disease will bring greater impacts, worst than those of the US-China trade war. In fact, the research reveals that the losses of trade in good and services may amount $320 billion per quarter following the business disruption.
Guardian reports that markets rally after Beijing unveils plans to halve extra tariffs on 1,717 US products to boost its coronavirus-hit economy. The market rally followed the latest attempts by the Chinese authorities to boost the economy. After pumping money into the banking system and announcing tax and spending measures to help companies and households, Beijing said it would halve additional tariffs on 1,717 US goods.
According to the U.S. Commerce Department, for the first time after almost six years the overall U.S. trade deficit narrowed during 2019. Namely, regions’ imports were fallen faster than the exports in the middle of protracted trade tensions.
The Port of Long Beach culminated in its second-busiest year on record by moving more than 7.6 million TEUs, despite the ongoing US-China trade war, Executive Director Mario Cordero announced Wednesday at the annual State of the Port address.
The International Group of P&I Clubs has published its Annual Review which provides an overview of the Group, key activities and areas of engagement.
Oil prices dropped an almost 1% on Wednesday, following a surprise build in the U.S. crude inventories led by a concern within the trading and analytical communities that a new round of tariffs on Chinese goods might be imposed in the following days.
After 11 months of 2019, total volumes have increased .4% in the Port of Los Angeles- America’s premier port- compared to its record-braking 2018. In a statement, it is said that the Port moved 728,918 Twenty-Foot Equivalent Units (TEUs) in November, a 12.4% decrease compared to last year.
Japan and South Korea and have reached an agreement to discuss their current trade war in December, with a preparatory meeting due to be held in Vienna in the week to come. In a statement, South Korea’s Ministry of Trade, Industry and Energy highlighted that “During the December meeting, the two countries plan to exchange opinions on various domestic and external situations related to export control.”
Port of Los Angeles issued the “By the Numbers: Jeopardizing the National Benefits of Trade through America’s Busiest Port Complex” report, highlighting that tariffs have a negative impact on jobs, income and tax revenue.
An ongoing trade war between US and China seems to affect volumes in the Port of Long Beach, the second busiest port in the US, which saw a 2.4% reduction in its TEUs handled through October, compared to the same month last year.
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