As US and China are imposing tariffs on each other’s goods, President Trump announced that US will go one step further, as it will impose tariffs on $200 billion worth of Chinese goods. This comes as an addition to the tariffs on $50 billion of goods from China, which are already imposed.
Less bureaucracy and more trade agreements can be a good response to increasing protectionism in the west and state aid in the east. This is what Denmark’s Foreign Minister Anders Samuelsen believes, adding that the current situation will not affect free trade. However, ensuring free trade will be a difficult task.
Trade war between the world’s two largest economies showed signs of igniting, as US President Donald Trump said he will implement a 25% tariff on $50 billion of goods from China that contain industrially significant technologies. In response, Beijing said it would impose tariffs “of the same scale and strength”.
European shipowners, represented by the ECSA, expressed their concerns about recent developments on global trade relations. The concerns are raised after the US implemented tariffs on EU, Mexico and Canada, while the result of the G7 meeting last weekend did not offer any solution.
German shipping line Hapag-Lloyd, the world’s fifth largest container company, has stopped one of two feeder services to Iran and will decide on the remaining one before a November 4 deadline imposed by the United States, which has recently reimposed sanctions on Tehran.
EU submitted eight pages at the World Trade Organization setting out 25% tariff increases for the US regarding steel and aluminum. Mexico will impose 15% to 25% tariffs on US steel and some agricultural goods. Canada will impose retaliatory tariffs on £9.6 billion worth of US exports and challenge US steel and aluminium tariffs.
The Arctic Economic Council is concerned about the recent increased protectionism in global trade. Especially, the US announcement about a 25% tariff for imports of steel and 10% tariff on aluminum. Freedom of trade is vital for AEC, to ensure the responsible development of the Arctic region.
The Port of Antwerp port is the biggest steel port in Europe, with approximately 1.1 million tonnes of steel sent to the USA in 2016 and 2017. This amount of exports means that the Antwerp Port is now handling almost 50% of the European steel exports to the USA. During the first quarter of 2018, exports from Antwerp to the US grew by 43% compared to 2017.
The US decided to impose tariffs on steel and aluminium imports from key allies in Europe and North America. Namely, the US will establish a 25% tax on steel and 10% tax on aluminium from the EU, Mexico and Canada. Canada and Mexico immediately retaliated, while the European Union has its own retaliation ready.
According to BIMCO, the dry bulk shipping industry is still on the road to recovery, as demand continues to be more that the fleet growth. In the mean time, scrapping and ordering remain low. The improved situation during 2017 is seen in the freight rate levels during the first four months of 2018.
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