Trump's trade war is creating 'paralysing uncertainty', warns top shipping boss
A top shipping boss has warned Donald Trump's trade war is creating 'paralysing uncertainty' – and said cheap imported T-shirts would cost £110 if made in the US.
Moller-Maersk chief executive Vincent Clerc said the number of containers travelling between the US and China is down as much as 40 per cent as the world's two largest economies hit each other with tariffs of over 100 per cent.
He told Bloomberg TV: 'This uncertainty is paralysing for a lot of customers, who have a really hard time understanding what the right decision is going to be.
'The dream of being able to produce locally, with all you'll need for your supply chain, is not possible.
Unemployment is at a historic low in the US, and they are deporting hundreds of thousands. If we have to pay US labour, no T-shirt will be sold for less than $150.'
Maersk runs about 14 per cent of the world's container fleet, and is seen as a barometer of world trade.
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