Trade War Risks Redefining The Shipping Industry
at present "we are in a tit-for-tat" trade battle where those countries affected by the US tariffs are reacting proportionally". "At present, we are firmly in the middle of a period of deep uncertainty."
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September 19, 2018 - by Jon Guy for ihs.com
Speaking at the International Union of Marine Insurance's (IUMI's) annual conference in London, Mats Persson, head of international trade at EY, warned vessels may be unable to access ports while seafarers may also be barred from operating in certain nations.
Persson spelt out the worse-case scenarios as the United States continues to look at pursuing a protectionist agenda under the Trump Administration. The decision on Monday to impose new tariffs on USD200 billion of Chinese goods is set to prompt a response despite the Chinese government saying it has the fiscal tools to manage the impact.
President Trump has also warned that if China retaliates he will look to impose tariffs on more Chinese imports in a trade war that is turning increasingly bitter...