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.
Global economic consultants of Centre for Economics and Business Research in the UK launched a study, according to which the global economic impact of the Belt and Road Initiative is most likely to boost world GDP by $7.1 trillion per annum by 2040.
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.
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’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 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 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.
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.
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 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.
- Loss Prevention
How to ensure safe operation of gangways22/07/2019
Hapag Lloyd launches Indian Ocean-EU service line22/07/2019
Nautilus, ITF propose diplomatic resolution for tensions in Strait of Hormuz22/07/2019
Watch: LifeGate PlasticLess project against plastic pollution at sea21/07/2019
- Maritime Software
MPA Singapore announces GeoSpace-Sea system launch21/07/2019
- Green Shipping
Maersk aims to a zero-carbon future21/07/2019
Study says artificial snow could stabilize melting West Antarctic Ice Sheet21/07/2019
GPS tracker helps collect 40 tonnes of plastic in Pacific Ocean20/07/2019
UN Sec-Gen: Plastic waste will surpass the number of fish in oceans20/07/2019
- Women in shipping
UN Sec-Gen: Gender equality is important to protect our planet's oceans20/07/2019