The world must be prepared for a possible trade war, as a result of the stand-off between the world’s top trading partners. While the Chinese tariffs imposed on US products are bound to hurt the US exporters, the potentially lost TEUs containing these goods doesn’t really matter to the transpacific shipments on containers, says BIMCO’s Peter Sand.
US are reportedly concerned about a takeover by the Chinese COSCO, regarding a large container terminal in Long Beach, California. The terminal is part of COSCO’s plan to buy the shipping company Orient Overseas International. The expected acquisition of Orient Overseas Container Line is about to be completed until the end of June.
The US decision to slap a 25% tariff on steel imports raise concern, triggering urgent calls for diplomatic efforts to prevent an escalation which could have a significant impact in the maritime sector. However, this might not be all bad news, as alternative trading patterns could lead to an increase in tonne-mile demand, noted Drewry.
Although the US has decided to exclude Europe from new tariffs on steel and aluminium, new restrictions on trade between the United States and China raise concern, creating an urgent need for new diplomatic efforts to prevent an escalation which could have a significant impact in the maritime sector, noted Danish Shipping.
On 1 March 2018, the American President pushed through a metals tariff plan, that puts 25% tariff on imports of steel and a 10% tariff on imports of aluminium. They are set to enter into force on 23 March 2018. BIMCO explains why these trade-restrictive measures are in principle bad for shipping.
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