keo nha cai dua ra toi nayChinese shipping forum voices concerns as Trump extends tariffs

Xu Lirong, chairman of state conglomerate China Cosco Shipping Group, warned at keo nha cai dua ra toi nay 2018 China Maritime Forum on Wednesday that keo nha cai dua ra toi nay friction between keo nha cai dua ra toi nay world’s two largest economies was casting shadows over keo nha cai dua ra toi nay prospects for his industry.

keo nha cai dua ra toi nay trade dispute “has created a lot more uncertainties to keo nha cai dua ra toi nay recovery of shipping”, he said.
Washington and Beijing have decided to impose 25% tariffs on bn-worth of goods imported from each other, with bn of those levied on July 6 and keo nha cai dua ra toi nay remainder expected to take effect next week.

Capt Xu cited Clarskons estimates, saying that keo nha cai dua ra toi nay tariffs already in place would affect about 1% of global seaborne trade volumes.

“Not only carriers, but also ports, logistics firms, shipbuilders and other shipping-related companies will be affected. So we are against any form of unilateralism and trade protectionism.”

Drewry senior analyst Neil Davidson forecast a healthy 5.7% average annual growth in global container traffic in keo nha cai dua ra toi nay next five years — assuming there is no extreme trade war.

When factoring in keo nha cai dua ra toi nay negative impact, keo nha cai dua ra toi nay worst-case scenario — based on an escalation of 25% US tariffs to 0bn-worth of Chinese exports — would be a decline in China-US eastbound container traffic by approximately 15%-20% from keo nha cai dua ra toi nay current level, according to Mr Davidson.

keo nha cai dua ra toi nay remarks came following an announcement by keo nha cai dua ra toi nay US Trade Representative Robert Lighthizer on Tuesday.

keo nha cai dua ra toi nay administration said that President Donald Trump had ordered preparations to begin for 10% levies on an additional 0bn of imports from China, as a result of Beijing’s “retaliation and failure to change its practices”.

A long list of products that might be targeted was published at keo nha cai dua ra toi nay same time.

Such a move was “completely unacceptable”, said keo nha cai dua ra toi nay Minister of Commerce in Beijing in a statement, adding that China would be forced to take retaliatory measures while bringing keo nha cai dua ra toi nay case to keo nha cai dua ra toi nay World Trade Organisation in keo nha cai dua ra toi nay interests of its people.

A senior executive from a major Chinese port said on keo nha cai dua ra toi nay sidelines of Wednesday’s conference that keo nha cai dua ra toi nay tariffs in force would begin to take a toll on throughput towards keo nha cai dua ra toi nay end of this year, because there is usually a lag of a few months before any impact is felt.

He added that keo nha cai dua ra toi nay gateway ports in China would bear keo nha cai dua ra toi nay brunt, while transhipment ports, such as Singapore, would be less affected in volume terms as keo nha cai dua ra toi nay US is expected to shift part of its trade to other countries.

“We can only hope that keo nha cai dua ra toi nay trade war won’t get uglier,” keo nha cai dua ra toi nay executive said.

Speaking as a special guest at keo nha cai dua ra toi nay forum, China’s Minister of Transport Li Xiapeng reiterated that his country advocated open economies and free trade.

Source: Lloyd’s List