The EU along with the US announced that they reached an agreement toward zero tariffs. This came after the visit of the European Commission’s President, Jean-Claude Juncker in the US, where he and US President, Donald Trump agreed for zero tariffs on industrial goods.
A political agreement between world leaders will be able to end the global trade war, as if this situation continues it will eventually damage the global economy, WTO Director General, Roberto Azevedo noted. He also believes that world leaders must listen to each other in order to find a solution, instead of resorting to retaliation.
The European Commission announced provisional safeguard measures regarding imports of a number of steel products. These measures address the diversion of steel from other countries to the EU market as a result of the recently imposed US tariffs. The measures will come into effect on 19 July.
Saint Lawrence Seaway Development Corporation published its 2018 study of the economic impacts of shipping in the Great Lakes-St. Lawrence region. According to the report, cargo moved on the Great Lakes – St. Lawrence Seaway System in 2017, totaled 143.5 million metric tons valued at US$15.2 billion/C$19.8 billion.
Maersk Line, Mediterranean Shipping Company and ZIM announced a new strategic cooperation on the Asia – US East Coast trade. As of September 2018, Maersk and MSC will provide four of their operated loops to a combined operation of five loops with ZIM between Asia end the US East Coast.
Driven by increasing consumer demand and rising retail sales, imports at US’ major retail container ports are expected to set a new record this month, even though new tariffs on goods from China just took effect, according to the monthly Global Port Tracker report released by NRF and Hackett Associates.
French shipping major CMA CGM has decided to pull out of Iran following the US government’s decision to renew sanctions on companies operating in the country, according to an official announcement by the company’s chief executive, during an economic conference in south France, on Saturday.
While the proposed tariffs on China’s exports into the US represent an effort to correct the trade imbalance between the two countries, what’s just as important is the investment relationship which has expanded in recent years, says Faryar Shirzad, global co-head of the Office of Government Affairs at Goldman Sachs.
China presses the EU to issue a joint statement against US’s trade policies and the recent tariffs, at a Sino-European summit later this month. The EU rejected the proposal idea of allying with China against the US, as it thinks that the Chinese proposal is an attempt to manipulate the of trade and dominate global markets.
The trade war that has emerged between the US, Europe and China increases the uncertainty for the shipping industry, as it negatively affects the free flow of goods. It also leads to changes in the trade lanes and makes it harder for ship operators and owners to position their ships efficiently in the market.
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