China-US ocean cargo bookings rise by nearly 300% after tariff truce
Ocean cargo bookings from China to the United States have increased by nearly 300 per cent after both countries agreed to suspend reciprocal tariffs for 90 days following negotiations in Switzerland, according to container-tracking service provider Vizion.
The most recent seven-day booking average for shipments in the route reached 21,530 twenty-foot equivalent units (TEU)—up from 5,709 TEU for the week ending May 5, Vizion's vice president Ben Tracy said
Ocean cargo bookings from China to the United States have increased by nearly 300 per cent after both countries agreed to suspend reciprocal tariffs for 90 days following negotiations in Switzerland, according to container-tracking service provider Vizion. Shipping companies have responded positively to the tariff relief. The rush may lead to supply-chain bottlenecks and a rise in freight costs.
The truce witnessed US tariffs drop to 30 per cent and Chinese tariffs to 10 per cent.
US importers had paused shipments after April 2, when President Donald Trump announced plans to impose 145 per cent tariffs on Chinese goods. Analysts now expect the peak shipping season to arrive earlier than usual.
Shipping companies have responded positively to the tariff relief, according to global newswires. Bookings for Maersk's trans-Pacific services have increased since the agreement was announced. German container shipping firm Hapag-Lloyd reported its bookings were up by 50 per cent for US-China traffic week-on-week in the first few days of last week.
Logistics firm Portless said US retailers and several clothing brands are rushing to secure China-made merchandise for the summer shopping season.
The current rush, however, may lead to supply-chain bottlenecks—less severe than during the pandemic years, and a rise in freight costs.
Fibre2Fashion News Desk (DS)
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