US

US-Iran tensions increase oil prices

Oil prices increased as tensions remain high between Iran and the US. What is more, the US Secretary of State Mike Pompeo talked about significant sanctions against Iran, which could be announced soon. Brent futures were up 25 cents, an increase of 0.4%, reaching $65.45 a barrel. In addition, West Texas Intermediate crude was up 37 cents, or 0.6%, at $57.80 a barrel.

Trade tensions negatively affect trade volumes

Economic growth around the world is decreasing, and various governments, including Germany, China and South Korea, have announced stimulus packages to boost their economies. In fact, the International Monetary Fund expects global GDP growth to slow from 3.6% in 2018 to 3.3% in 2019, before returning to 3.6% in 2020.

US to impose sanctions on countries buying Iranian oil

In November 2018, the US government issued Significant Reduction Exemptions (SREs) waivers to eight countries that were committed to decreasing the purchase of Iranian oil; China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.

MSC to apply surcharge on cargo to Venezuela

Amid the imposition of sanctions related to Venezuela, and the current political volatile situation in the country, MSC informed that it will apply, with immediate effect a War Risk Premium surcharge on cargo coming from worldwide destinations into Venezuela.

US to impose 5% tariffs on Mexican imports

The US will impose a 5% tariff on all Mexican imports starting from June 10. What is more, duties of up to 25% will be added in case Mexico does not reduces or eliminates the number of illegal aliens entering into the US. If the situation remains the same, the Tariffs will be increased to 10% on July 1, 2019.

Chinese market to surpass the impact of US-China trade dispute

During a speech at a forum on Saturday, May 25, Guo Shuqing, the People’s Bank of China’s party secretary and head of the China Banking and Insurance Regulatory Commission, commented that the impact of the trade war with the U.S. on the Chinese economy will be very limited.

Study: How US maritime industry impacts Pacific Northwest

The US domestic maritime industry employs over 37,590 individuals, supports $2.5 billion in worker income, and produces nearly $10 billion for the Pacific Northwest regional economy, according to the findings of a new report conducted by PwC on behalf of Transportation Institute (TI).

China: No deal has been agreed with the US

China’s Foreign Ministry Spokesperson Lu Kang has declined claims by US President Donald Trump that the two countries had made a deal to stop the trade war. During a Press Conference, Lu Kang mentioned that he is not aware of the deal that the US is talking about. He added that the underlying reason that the 11 rounds of consultations have not managed to conclude on an agreement is that the US attempts to achieve unreasonable demands.

China announces further tariffs on US imports

China will impose retaliatory tariffs on most US imports according to a revised $60 billion target list. This move aims to hit back at a tariff hike by the US on $200 billion of Chinese goods, further escalating the ongoing trade war. The 25% tariffs will be implemented against 2,493 goods including LNG, soy oil, peanut oil, petrochemicals, frozen vegetables and cosmetics, while the 20% on 1,078 products.

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