German container shipping firm Hapag-Lloyd on Monday welcomed an agreement between the United States and China to temporarily slash reciprocal tariffs, saying it expected to be buoyed by a resulting increase in
German container shipping firm Hapag-Lloyd on Monday welcomed an agreement between the United States and China to temporarily slash reciprocal tariffs, saying it expected to be buoyed by a resulting increase in bookings from China to the U.S.
The United States will cut extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days, the two sides said on Monday.
Trade between the world's two largest economies plummeted in the midst of the trade standoff, prompting container shipping companies like MSC and Cosco 601919.SS to suspend regular routes or cancel individual voyages. Others considered switching to smaller ships.
The reprieve could spark a rush of shipments to the United States, which some Chinese factories were preparing for, and send off-contract spot rates higher.
"We expect bookings from China to the U.S. to increase, which should help us... into peak season," the company said in an emailed statement.
The ocean shipping peak season typically refers to the August to October period, when U.S. retailers stock up on goods for the winter holiday season dominated by Halloween, Thanksgiving
Content Original Link:
" target="_blank">
