CMA CGM informed that after considering the recent incidents in the Strait of Hormuz and the related significantly increasing insurance costs in the Middle East Gulf region, it decided to implement a War Risk Surcharge. The War Risk Surcharge will apply from July 5th, 2019.
A wider conflict between the US and Iran would be negative for most types of ships and for the oil markets in general, as fewer ships will transit the Straits of Hormuz, said VesselsValue in its latest analysis, following tensions on the aftermath of the recent tanker attacks in the Gulf of Oman.
The US National Retail Federation welcomed legislation introduced on 25 June that would strengthen congressional authority over tariff increases like those imposed by the Trump administration during the past year. The measure would limit any new or additional tariffs imposed on national security grounds.
Oil prices increased as tensions remain high between Iran and the US. What is more, the US Secretary of State Mike Pompeo talked about significant sanctions against Iran, which could be announced soon. Brent futures were up 25 cents, an increase of 0.4%, reaching $65.45 a barrel. In addition, West Texas Intermediate crude was up 37 cents, or 0.6%, at $57.80 a barrel.
Economic growth around the world is decreasing, and various governments, including Germany, China and South Korea, have announced stimulus packages to boost their economies. In fact, the International Monetary Fund expects global GDP growth to slow from 3.6% in 2018 to 3.3% in 2019, before returning to 3.6% in 2020.
In November 2018, the US government issued Significant Reduction Exemptions (SREs) waivers to eight countries that were committed to decreasing the purchase of Iranian oil; China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.
Amid the imposition of sanctions related to Venezuela, and the current political volatile situation in the country, MSC informed that it will apply, with immediate effect a War Risk Premium surcharge on cargo coming from worldwide destinations into Venezuela.
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.
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