Cargo bookings from China to US surges 300% following tariff pause
ANI
15 May 2025, 12:37 GMT+10
New Delhi [India], May 15 (ANI): The demand in the US for container shipping from China has surged nearly 300 per cent, after a halt in retaliatory tariffs between the two countries, according to container-tracking software provider Vizion reports Reuters.The demand for twenty-foot equivalent units (TEUs), surged 277 per cent to 21,530, as compared to an average of 5,709 TEUs in the week ending May 5, according to Ben Tracy, Vizion's vice president of strategic business development.Earlier, US importers responded to President Trump's announcement on April 2 that a 145 per cent tariff would be imposed on Chinese goods by significantly reducing shipments. However, trade has resumed quickly after both nations agreed on Monday to a 90-day pause in the escalating trade conflict.As part of that, the U.S. scaled back its tariffs from 145 per cent to 30 per cent, while China lowered its duties on American imports from 125 per cent to 10 per cent.'With this temporary pause now in place, we're clearly seeing bookings rebound,' Tracy added.German shipping company Hapag-Lloyd also reported a 50 per cent week-over-week increase in U.S.-China bookings in the early days of this week. CEO Rolf Habben Jansen commented on the trade ceasefire, saying: 'We're already witnessing a rise in volume between the U.S. and China, and we expect more to come.'Recently, the United States and China had trade talks in Geneva, Switzerland, last week, where China's Vice Premier He Lifeng and the US Treasury Secretary Scott Bessent are leading the negotiations for their respective countries.US President Donald Trump had imposed reciprocal tariffs on dozens of countries with which the US has a trade deficit. Later, President Trump decided to pause the tariffs for 90 days after many countries initiated talks with the US administration for a trade deal. During these 90 days starting April 9, a 10 per cent baseline tariff si imposed by US on all countries. (ANI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
an hour ago
- Hindustan Times
US debt market crisis looming, JPMorgan chief warns
JPMorgan Chase chief executive Jamie Dimon voiced concern Sunday at the risk of a looming US debt market crisis sparked by the Trump administration's economic policies. "It's a big deal. It is a real problem," Dimon told Maria Bartiromo on FOX Business Network's "Mornings with Maria" show, according to an excerpt of the interview that will air in full Monday. "The bond market is going to have a tough time. I don't know if it's six months or six years," he said. Dimon cautioned that once investors become aware of the impact of rising debt levels, interest rates would skyrocket and markets would be disrupted a dangerous scenario for the world's biggest economy. "People vote with their feet," he stressed. Investors "are going to be looking at the country, the rule of law, the inflation rates, the central bank policies," he said, warning that "if people decide that the US dollar isn't the place to be," financing US debt will become more expensive. Historically, the United States has been able to rely on market appetite for low-interest US Treasury bonds to support its economy. Yields briefly climbed last week, amid concerns about President Donald Trump's divisive budget plan. The plan would among other things extend the gigantic tax breaks introduced during Trump's first term, spurring fears of a ballooning federal deficit. In mid-May, for the first time ever, the United States lost its triple-A credit rating from Moody's. When it announced the downgrade to Aa1, the ratings agency warned that it expects US federal deficits to widen dramatically over the next decade. The White House's back-and-forth announcements of towering tariffs slapped on countries around the world are also creating considerable uncertainty and thus market volatility. Dimon already warned in April of "considerable turbulence" facing the American economy, pointing to the impact of tariffs, trade wars, inflation and budget deficits. US Treasury Secretary Scott Bessent on Sunday downplayed Dimon's predictions of a debt market crisis. "I've known Jamie a long time, and for his entire career he's made predictions like this," Bessent said during an interview on CBS. "Fortunately, not all of them have come true." Bessent acknowledged that he "was concerned about the level of debt." But he said "the deficit this year is going to be lower than the deficit last year, and in two years, it will be lower again." "We are going to bring the deficit down slowly," Bessent added, insisting that addressing the deficit was a "long process." "The goal is to bring it down over the next four years, leave the country in great shape in 2028." juj/nl/mlm J.P. MORGAN CHASE & CO MOODY'S CORP. ADVANCED ACCELERATOR PLICATIONS
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
A 355-year-old company that once owned one-third of Canada shutting down
Beye Escobar was both delighted and disappointed as she emerged from the sprawling Hudson's Bay Company store in downtown Ottawa with two new bikinis. While she was pleased that her swimwear had been discounted by 70 per cent, she was not happy about the reason. On Sunday, a month after it marked the 355th anniversary of its founding, the Bay, as it is commonly known, is permanently closing its 80 department stores throughout Canada. The company was much more than just a retailer and the last traditional, full-line department store chain in Canada. In 1670, Britain, which claimed part of present-day Canada, set up the company as a fur trader and granted it a vast stretch of territory equal to what is about a third of Canada, without asking the indigenous people whose land it was. 'I don't know where I'll go now,' she added. The Bay's fate was sealed by the large debt it had been carrying, and it recently declared bankruptcy. Long before US President Trump's trade war and his calls to make Canada the 51st state stoked anti-American sentiment in Canada, the purchase in 2008 of a cultural institution like the Bay by Richard A Baker, a New Yorker whose family controlled an array of shopping malls, was widely viewed with suspicion among Canadians. At first, Baker made good on his promise that he had not bought the Bay for its real estate — although he did cash in on that later. His investments in the stores and his appointment of Bonnie Brooks, a respected Canadian retailer, as president and chief executive turned Hudson's Bay sagging fortunes around. To compete with the rise of online retailing, Baker invested heavily in the Bay's e-commerce. And part of Brooks's revitalisation involved playing up the company's heritage. Merchandise, from measuring cups to wooden canoes, started appearing bearing the distinctive green, red, yellow and indigo stripes of the Bay's 'point blankets.' The blankets were first used in the 18th century to trade for furs with Indigenous people. 'It felt like a piece of Canada,' said Bryan Higgins, who was headed to the Ottawa store last Wednesday for a farewell visit. 'It felt like going to Tim Hortons' — another Canadian institution — 'and getting a doughnut, except you were buying blankets or slippers. It was uniquely Canadian.' Many parts of the five-story store were already empty or filled with small armies of mannequins, boxes of clothes hangers and store fixtures of every imaginable variety — all for sale. Mid-last week, the most popular of those new offerings seemed to be indoor-outdoor rugs marked down by 90 per cent. A steady stream of shoppers walked out struggling to haul them away.
India Gazette
2 hours ago
- India Gazette
"Enthusiasm in Europe to enter into Free Trade Agreement with India": Commerce Minister Piyush Goyal
Paris [France], June 1 (ANI): Highlighting growing global confidence in India's economic prospects, Union Minister of Commerce and Industry Piyush Goyal on Sunday said there is strong enthusiasm in Europe to enter into a Free Trade Agreement (FTA) with India. Speaking to ANI during his ongoing visit to Paris, France, Goyal noted that India's rising reputation has made nations increasingly eager to deepen trade and diplomatic ties. He also noted the positive momentum following Prime Minister Narendra Modi's meeting with European Commission President Ursula von der Leyen in New Delhi earlier this year. 'There is no time limit for these discussions, but the European Union President, Ursula von der Leyen and Prime Minister Modi had a meeting in New Delhi in February. It was decided that we should conclude a good Free Trade Agreement by the end of this year. Considering the relations that I have built with my counterpart, the European Union Trade Commissioner, Maros Sefcovic, I feel that we will progress very fast and take it forward soon. There is enthusiasm in Europe to enter into a Free Trade Agreement with India, and from the feedback we get from the industry in India, it seems India will also benefit from this,' Goyal said, adding that when both will benefit, it is natural that it is our responsibility to do it quickly. Earlier, while speaking to the media in Paris, Goyal also expressed gratitude towards France for its support following the terror attack in Pahalgam. 'India is very grateful to France for the strong support and solidarity expressed when there was a terror strike at Pahalgam. The French people and government also stand for zero tolerance against terrorism, just like India,' he said. He emphasised the strong personal rapport between PM Modi and French President Emmanuel Macron, which he said had given 'fresh momentum' to the robust Indo-French relationship. 'The French Senate delegation that visited India fully supported India's stand and gave us confidence that the world stands with India when we are fighting against terrorism in all forms, whether state-sponsored or non-state actors. Prime Minister Narendra Modi and President Macron share a very deep personal connect and rapport and have had frequent interactions, giving afresh momentum to the strong French-India ties...' he said. The commerce minister commenced his three-day official visit to France on Sunday, part of his ongoing visit to France and Italy from June 1 to 5. As part of his visit, Goyal will hold bilateral meetings with several French leaders, including Minister of Economy Eric Lombard and Trade Minister Laurent Saint-Martin. The discussions will focus on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation. As part of the high-level visit to France, a comprehensive agenda of strategic business meetings and engagements has been scheduled. With top leadership of major French companies such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF, and ATR, the visit will feature the India-France Business Round Table and the India-France CEO Forum, fostering dialogue between leading industry stakeholders from both countries. During his stay, the Minister will also participate in the informal gathering of WTO Ministers on the margins of the OECD Ministerial Council Meeting. At this crucial forum, he will engage with global counterparts on key multilateral trade issues and articulate India's perspectives and priorities. Following his engagements in France, the commerce minister will proceed to Italy for the next leg of his visit. (ANI)
