US

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.

China conservatively optimistic on reaching a trade deal with the US

China and the US will carry out more negotiations in China, according to Vice Premier Liu He. In the meantime, the US President Donald Trump ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China. However, Mr. Liu is conservatively optimistic that the two countries will agree on a deal, but there are some ‘issues of principle’ on which China is not willing to back down.

US retail imports rising ahead of higher tariffs

With retail sales rising and Trump’s plans to both increase and broaden tariffs on goods from China, imports at the US’ major retail container ports are expected to see unusually high levels in the next months and through the summer, according to a monthly report by the NRF and Hackett Associates.

US President Trump prohibits trade in Iranian metals

According to Bloomberg, US President Donald Trump provided an executive order banning the purchase of Iranian iron, steel, aluminum and copper, worsening the tensions with the Islamic Republic a day after he declared he may begin enriching uranium again in two months.

US threatens to increase tariffs on Chinese goods to 25%

US President Donald Trump stated that tariffs on $200 billion of Chinese goods will increase to 25%, from the current 10%. This move comes after repeated claims by the US government that trade talks with China are progressing smoothly. However, Vice President Mike Pence said that the US President is hopeful that he could reach an agreement with China. 

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