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China to US ocean cargo bookings surge nearly 300% after tariff truce
Ocean cargo bookings from China to the United States have surged nearly 300 per cent after both countries agreed to suspend tit-for-tat tariffs for 90 days, container-tracking service provider Vizion reported.
The most recent seven-day booking average for shipments from China to the US reached 21,530 twenty-foot equivalent units (TEU), up from 5,709 TEU for the week ending May 5, according to Vizion's Vice-President Ben Tracy.
Tariff truce accelerates shipping demand
The truce, announced following negotiations in Switzerland, saw 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. Following Monday's suspension, analysts now expect the peak shipping season to arrive earlier than usual.
Shipping companies have responded positively to the tariff relief. Maersk said on Tuesday that bookings for its trans-Pacific services have increased since the agreement was announced.
'With an August deadline for possible higher tariff levels, we'll likely see front-loading restart, meaning an early start and probably an early tapering off of the ocean peak season this year,' said Freightos, an international freight booking platform.
Retailers rush to stock China-made goods
German container shipping firm Hapag-Lloyd reported its bookings were up 50 per cent for US-China traffic week-on-week in the first few days of the current week.
Retailers including Walmart and several clothing brands are rushing to secure China-made merchandise for the summer shopping season, said logistics company Portless.
The agreement to cut US tariffs on Chinese shipments has prompted orders and shipments of sundresses, bathing suits, clogs and sunscreens from Chinese factories.
While the tariff reprieve is a boon for US brands eager to stock up on summer merchandise, the current rush may create supply-chain bottlenecks, though these are likely to be less severe than during the pandemic years of 2021-2022, said CFRA research analyst Arun Sundaram.
Sundaram also expects a rise in freight costs as a result of the sudden surge in demand.
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