According to BIMCO Iran emerged as the number one buyer of US soya beans. Namely, during August 2018, 414,000 tonnes, an amount that equals five Panamax loads of soya beans were shipped to Iran. This amounts to 13.2% of total US soya bean exports in August.
US President Donald Trump signed a revised free trade agreement with South Korea on September 24 in New York. This is the first bilateral trade deal of his administration and includes steps to open up the Korean market to more American exports. It will also allow the US to impose a 25% tariff on Korean trucks until 2041.
The European Commission has published the latest figures on EU imports of soya beans, showing that the US has become Europe’s main supplier of this commodity, reaching a 52% share compared to 25% in in the same period last year.
The long list of tariffs that the US and China have established, have affected negatively global trade. Namely, 85.3% of Chinese seaborne imports from the US and 58.5% of US seaborne imports from China could become affected by the trade war, if the US and China implement a further USD 200 and USD 60 billion worth of tariffs on goods.
US President Donald Trump warned that he is ready to impose tariffs on almost all Chinese imports into the United States. Mr. Trump threatened duties on another $267 billion of goods, adding to the already $200 billion tariffs imposed in imports. China has imposed retaliatory tariffs on $60 billion worth of US goods.
In a testimony today (August 24), before the US Trade Representative in Washington, the American Association of Port Authorities urged the federal government to consider the negative impacts that retaliatory tariffs would have on port and other trade-related American jobs nationwide.
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.
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,
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.
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