Latest news with #FarahMaster
Yahoo
2 days ago
- Business
- Yahoo
China sets up international mediation body in Hong Kong
By Joyce Zhou and Farah Master HONG KONG (Reuters) - Chinese Foreign Minister Wang Yi signed a convention setting up an international organisation for mediation in Hong Kong on Friday that Beijing hopes will be on par with the International Court of Justice and bolster the financial hub's international credentials. The inauguration comes amid growing geopolitical tensions which have been exacerbated by U.S. President Donald Trump's global trade war and fuelled risks of a sharp worldwide economic downturn. Escalating trade tensions between China and the U.S. have been a focal point for investors and markets in recent months, with the trade war leading to significant impacts on global commerce and supply chains. The mediation body aims to cement Hong Kong's presence as a top centre to resolve disputes between countries, leader John Lee said earlier this week, adding that it's status would be on par with the International Court of Justice and the Permanent Court of Arbitration of the United Nations in The Hague. It would help bring "substantial" economic benefits and job opportunities and stimulate various sectors including hospitality and transport, Lee said. Indonesia, Pakistan, Laos, Cambodia and Serbia are among the countries attending the ceremony. Representatives from 20 international bodies including the United Nations were also expected to join, public broadcaster RTHK said. (This story has been refiled to drop repetitive words from the headline) (Additional reporting by Joe Cash and the Beijing newsroom; Writing by Farah Master; Editing by Tom Hogue and Michael Perry)
Yahoo
16-05-2025
- Business
- Yahoo
Container ship owners swamped as US-China trade detente revives demand
By Lisa Baertlein, Farah Master and Casey Hall LOS ANGELES/HONG KONG (Reuters) -Container ship bookings for China-to-U.S. cargo have surged since the countries declared a 90-day truce on punitive tit-for-tat tariffs last weekend, operators said, spawning traffic jams at Chinese ports and factories that could take weeks to clear. U.S. importers of sneakers and sofas to construction supplies and auto parts are racing to get goods in before the deadline resets tariffs again, setting the stage for disruptions that recall the global transport quagmire during the COVID-19 pandemic. The cargo surge at major trade gateways like Shenzhen's Yantian Port, which handles more than a quarter of China's exports to the United States, has ship owners scrambling to coordinate berths and adjust vessel schedules. "The demand is so high that we can only serve customers who have made long-term contracts with us," a spokesperson for German container ship operator Hapag-Lloyd told Reuters. "We have hardly enough space for spontaneous bookings." Container-tracking software provider Vizion said average bookings for the seven days ended on Wednesday soared 277% to 21,530 20-foot equivalent units from the 5,709 TEU average for the week ended May 5. Owners of factories that make toys to holiday decor told Reuters they are booking previously frozen cargo headed to U.S. stores, including Walmart. Lalo, for example, which sells its baby furniture online and through retailers like Target and is among the companies that gave factories the green light to move their finished orders. "We had hundreds of thousands of units waiting to ship," said Lalo co-founder Michael Weider. "These products can now get on the water." "Everybody is very busy from my company, at my friend's companies," said Richard Lee, CEO of NCL Logistics, in China's southern metropolis of Shenzhen. "They are preparing a lot of cargo, a lot of products, to be shipped immediately from China to the U.S." SECOND TSUNAMI? The shipping surge will translate into a rush of arrivals at U.S. West Coast ports in the coming weeks. Still, industry experts, including the executive director of the Port of Los Angeles - the busiest U.S. seaport and No. 1 for ocean shipments from China, do not foresee a COVID-level tsunami of cargo. Rather, they project a large, but manageable wave. On Thursday, the off-contract spot rate from Shanghai to Los Angeles shot up 16% from the prior week to $3,136 per 40-foot container, according to data from maritime consultancy Drewry. That is less than half than in April 2024, but could jump sharply on June 1 to about $6,000 per container if ship owners push through rate increases. In the early days of the pandemic, as now, cargo demand spikes overwhelmed factories and container ships, kinking supply chains. Shipping and retail experts said 90 days is not enough time for most factories to fill new orders. Fewer slots are available on cargo ships because vessel owners had been culling China-to-U.S. voyages and schedules. Now, ocean carriers are "cancelling cancellations" of sailings, Drewry said. Demand, however, is markedly different this time. Trump's second-term tariffs have weakened U.S. retail sales, homebuilding and manufacturing - key drivers of container shipments. Moreover, many U.S. companies are sitting on inventory accumulated before Trump imposed tariffs on China and other countries. And nobody knows what import duties will be when the 90-day deadline expires in August. The Trump administration confirmed to Reuters that the U.S. rate would reset to 54%, assuming no agreement is reached by the deadline. HIGH ANXIETY Many retailers are prioritizing which products to order and ship, said Jessica Dankert, vice president of supply chain for the Retail Industry Leaders Association trade group, whose members include Home Depot, Gap and Dollar General. "It's still 30% at the end of the day," said Jamie Salter, CEO of Authentic Brands Group, referring to tariffs on China. Authentic Brands owns and licenses clothing brands including Reebok, Champion, and Forever 21. Some large suppliers to Detroit's Big Three automakers told Reuters that on customers' requests, they are flying in parts from China and stockpiling them. Others declined to add to inventories, saying they lacked the space and funds to do so. A Halloween goods exporter from the city of Yiwu in China, who gave her English name, Cecilia, said tariff increases have cut total orders in half this year and warned that prospective buyers are running out of time. "If you order now, you will have an anxious wait to see if it will be too late," she said. Jimmy Zollo, CEO at Joe and Bella, sells Chinese-made clothing for adults who have trouble dressing themselves due to arthritis, dementia or being in a wheelchair. He placed a new order with his supplier even though the 90-day window could close before he can take delivery. "We're hopeful that a new trade agreement is implemented, and the lowered tariffs do not expire," Zollo said.
Yahoo
16-05-2025
- Business
- Yahoo
Container ship owners swamped as US-China trade detente revives demand
By Lisa Baertlein, Farah Master and Casey Hall LOS ANGELES/HONG KONG (Reuters) -Container ship bookings for China-to-U.S. cargo have surged since the countries declared a 90-day truce on punitive tit-for-tat tariffs last weekend, operators said, spawning traffic jams at Chinese ports and factories that could take weeks to clear. U.S. importers of sneakers and sofas to construction supplies and auto parts are racing to get goods in before the deadline resets tariffs again, setting the stage for disruptions that recall the global transport quagmire during the COVID-19 pandemic. The cargo surge at major trade gateways like Shenzhen's Yantian Port, which handles more than a quarter of China's exports to the United States, has ship owners scrambling to coordinate berths and adjust vessel schedules. "The demand is so high that we can only serve customers who have made long-term contracts with us," a spokesperson for German container ship operator Hapag-Lloyd told Reuters. "We have hardly enough space for spontaneous bookings." Container-tracking software provider Vizion said average bookings for the seven days ended on Wednesday soared 277% to 21,530 20-foot equivalent units from the 5,709 TEU average for the week ended May 5. Owners of factories that make toys to holiday decor told Reuters they are booking previously frozen cargo headed to U.S. stores, including Walmart. Lalo, for example, which sells its baby furniture online and through retailers like Target and is among the companies that gave factories the green light to move their finished orders. "We had hundreds of thousands of units waiting to ship," said Lalo co-founder Michael Weider. "These products can now get on the water." "Everybody is very busy from my company, at my friend's companies," said Richard Lee, CEO of NCL Logistics, in China's southern metropolis of Shenzhen. "They are preparing a lot of cargo, a lot of products, to be shipped immediately from China to the U.S." SECOND TSUNAMI? The shipping surge will translate into a rush of arrivals at U.S. West Coast ports in the coming weeks. Still, industry experts, including the executive director of the Port of Los Angeles - the busiest U.S. seaport and No. 1 for ocean shipments from China, do not foresee a COVID-level tsunami of cargo. Rather, they project a large, but manageable wave. On Thursday, the off-contract spot rate from Shanghai to Los Angeles shot up 16% from the prior week to $3,136 per 40-foot container, according to data from maritime consultancy Drewry. That is less than half than in April 2024, but could jump sharply on June 1 to about $6,000 per container if ship owners push through rate increases. In the early days of the pandemic, as now, cargo demand spikes overwhelmed factories and container ships, kinking supply chains. Shipping and retail experts said 90 days is not enough time for most factories to fill new orders. Fewer slots are available on cargo ships because vessel owners had been culling China-to-U.S. voyages and schedules. Now, ocean carriers are "cancelling cancellations" of sailings, Drewry said. Demand, however, is markedly different this time. Trump's second-term tariffs have weakened U.S. retail sales, homebuilding and manufacturing - key drivers of container shipments. Moreover, many U.S. companies are sitting on inventory accumulated before Trump imposed tariffs on China and other countries. And nobody knows what import duties will be when the 90-day deadline expires in August. The Trump administration confirmed to Reuters that the U.S. rate would reset to 54%, assuming no agreement is reached by the deadline. HIGH ANXIETY Many retailers are prioritizing which products to order and ship, said Jessica Dankert, vice president of supply chain for the Retail Industry Leaders Association trade group, whose members include Home Depot, Gap and Dollar General. "It's still 30% at the end of the day," said Jamie Salter, CEO of Authentic Brands Group, referring to tariffs on China. Authentic Brands owns and licenses clothing brands including Reebok, Champion, and Forever 21. Some large suppliers to Detroit's Big Three automakers told Reuters that on customers' requests, they are flying in parts from China and stockpiling them. Others declined to add to inventories, saying they lacked the space and funds to do so. A Halloween goods exporter from the city of Yiwu in China, who gave her English name, Cecilia, said tariff increases have cut total orders in half this year and warned that prospective buyers are running out of time. "If you order now, you will have an anxious wait to see if it will be too late," she said. Jimmy Zollo, CEO at Joe and Bella, sells Chinese-made clothing for adults who have trouble dressing themselves due to arthritis, dementia or being in a wheelchair. He placed a new order with his supplier even though the 90-day window could close before he can take delivery. "We're hopeful that a new trade agreement is implemented, and the lowered tariffs do not expire," Zollo said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-04-2025
- Business
- Yahoo
China censors some tariff-related content on social media
By Farah Master and Jessie Pang HONG KONG (Reuters) - China began censoring some tariff-related content on social media on Wednesday after U.S. "reciprocal" tariffs on dozens of countries took effect, including massive 104% duties on Chinese goods, while posts criticising the U.S. were top hits. Hashtags and searches for "tariff" or "104" were mostly blocked on social media platform Weibo, with pages showing an error message. Other hashtags, particularly those suggesting that the U.S. has an egg shortage, were amongst the most viewed on Weibo. State broadcaster CCTV started a hashtag "#UShastradewarandaneggshortage." The U.S. is "waving the tariff stick in a high profile manner, imposing tariffs on EU steel and aluminium products... but also writing letters to European countries in a low voice, urgently asking for eggs," CCTV said in a post on Weibo. The censorship also extended to WeChat, where a wide range of posts from Chinese companies that highlighted the negative impact of Trump's tariffs were taken down by the platform, according to a Reuters review. The censored posts were all marked by the same label stating the "content was suspected of violating relevant laws, regulations, and policies". Beijing announced counter-tariffs on the U.S. last week and has vowed to fight what it views as blackmail. Internet censors have also allowed mocking U.S. comments to proliferate on Chinese social media, depicting the United States as a globally irresponsible trading partner, as China prepares the stage for a wider trade fight with the world's biggest economy. China controls the internet through a system known as the "Great Firewall" and social media posts are routinely censored when deemed detrimental to national interests. Foreign social media networks such as Instagram and X are blocked, a system that has created a captive market for domestic alternatives. Beijing lawyer Pang Jiulin, who has more than 10.5 million followers on his Weibo account, said China's share of exports to the U.S. would quickly be replaced by countries such as Vietnam and India, and Chinese companies would lose the opportunity to continue exporting to the U.S. In the face of U.S. economic aggression, China has no way out but to "fight to the end" he said. "If China also increases tariffs to 104%, the prices of American goods including Apple and Tesla will soar, and Chinese will pay a greater price for their favourite American goods." Hitting back with its own tariffs and export controls may not be very effective, given China ships to the U.S. about three times as many goods than the around $160 billion it imports. But it may be the only option if Beijing believes it has a higher pain threshold than Washington has. Chinese stocks tumbled on Monday with the Shanghai Composite Index down 7% in its worst day in five years, but they closed higher on Wednesday, buoyed by state pledges to support local markets. Prominent Chinese commentator Hu Xijin said on Wednesday that Trump's team was "really delusional". "They are at war not only with the whole world, but also with the most basic rules of human society, so their chances of victory are zero," Hu said. "Their reciprocal tariffs will be nailed to the pillar of shame in history for future generations to laugh at."
Yahoo
09-04-2025
- Business
- Yahoo
China censors some tariff-related content on social media
By Farah Master and Jessie Pang HONG KONG (Reuters) - China began censoring some tariff-related content on social media on Wednesday after U.S. "reciprocal" tariffs on dozens of countries took effect, including massive 104% duties on Chinese goods, while posts criticising the U.S. were top hits. Hashtags and searches for "tariff" or "104" were mostly blocked on social media platform Weibo, with pages showing an error message. Other hashtags, particularly the U.S. having an egg shortage, were amongst the most viewed on Weibo. State broadcaster CCTV started a hashtag "#UShastradewarandaneggshortage." The U.S. is "waving the tariff stick in a high profile manner, imposing tariffs on EU steel and aluminium products.. but also writing letters to European countries in a low voice, urgently asking for eggs," CCTV said in a post on Weibo. Beijing announced counter-tariffs on the U.S. last week and has vowed to fight what it views as blackmail. Internet censors have also allowed mocking U.S. comments to proliferate on Chinese social media, depicting the United States as a globally irresponsible trading partner, as China prepares the stage for a wider trade fight with the world's biggest economy China controls the internet through a system known as the "Great Firewall" and social media posts are routinely censored when deemed detrimental to national interests. Foreign social media networks such as Instagram and X are blocked, a system that has created a captive market for domestic alternatives. Beijing lawyer Pang Jiulin, who has more than 10.5 million followers on his Weibo account, said China's share of exports to the U.S. would quickly be replaced by countries such as Vietnam and India, and Chinese companies would lose the opportunity to continue exporting to the U.S. In the face of U.S. economic aggression, China has no way out but to "fight to the end" he said. "If China also increases tariffs to 104%, the prices of American goods including Apple and Tesla will soar, and Chinese will pay a greater price for their favourite American goods." Hitting back with its own tariffs and export controls may not be very effective, given China ships to the U.S. about three times as much goods than around the $160 billion it imports. But it may be the only option if Beijing believes it has a higher pain threshold than Washington has. Chinese stocks tumbled on Monday with the Shanghai Composite Index down 7% on Monday in its worst day in five years, but they closed higher on Wednesday, buoyed by state pledges to support local markets. Prominent Chinese commentator Hu Xijin said on Wednesday that Trump's team was "really delusional". "They are at war not only with the whole world, but also with the most basic rules of human society, so their chances of victory are zero," Hu said. "Their reciprocal tariffs will be nailed to the pillar of shame in history for future generations to laugh at."
