The US National Retail Federation welcomed legislation introduced on 25 June that would strengthen congressional authority over tariff increases like those imposed by the Trump administration during the past year. The measure would limit any new or additional tariffs imposed on national security grounds.
Confidence in the shipping industry has fallen marginally over the past three months, largely as a result of ongoing concern over trade wars and increased regulation, according to the latest Shipping Confidence Survey from shipping adviser and accountant BDO.
Trade war and an economic slowdown are two factors impeding growth in global freight, Danish giant Maersk, the world’s largest container shipping company, warned on Friday. Maersk cut its forecast for global growth in container traffic this year, due to the trade dispute between the US and China.
Demolition of dry bulk ships in the first four months of 2019 was 120% higher than in the same period of 2018, an increase mostly driven from demolitions of Capesize ships, up from 1.1 m DWT between January and April 2018 to reach 3.4m DWT in the first four months of 2019.
The world trading system should be continuously re-examined with regard to reforming the World Trade Organization (WTO) and the governance of data flows, given the escalation of trade restrictive measures and the impact on businesses, said Mr Akahoshi, President of JETRO.
Volume growth is expected to continue for ports worldwide, but at a more modest pace over the next 10 years, said Fitch Ratings in a new report. An increase in protectionist trade policies, shifts in centers of production, and the advent of disruptive technologies are all factors which add complexity in future throughput.
Imports at the US major retail container ports have dipped since peaks seen last fall but remain at higher-than-usual levels as a possible increase in tariffs on goods from China approaches in March, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
UNCTAD launched the 'Key Statistics and Trends in Trade Policy 2018' study highlighting that European Union exports are those to possibly rise, capturing about $70 billion of U.S.-China bilateral trade, meaning $50 billion of Chinese exports to the US, and $20 billion of U.S. exports to China. Also, Japan, Mexico and Canada will each capture more than $20 billion.
As of 1 February, the Economic Partnership Agreement (EPA) between the EU and Japan has entered into force, marking the largest open trade zone in the world. The EPA removes the vast majority of the €1 billion of duties paid annually by EU companies exporting to Japan.
Three cargoes of US crude are being transported to China from the US Gulf Coast, according to Reuters. The cargoes represent the first departures since late September and a 90-day halt of trade between the two countries that began on December. The shipments highlight a change as Chinese buyers decided not to purchase US oil during the trade dispute between the two countries.