U. S. economic nationalism is poised to disrupt global trade, regardless of who wins the White House in November, and shipowners are alarmed at the prospect of a return to Donald Trump’s protectionism “on steroids,” according to the head of a major trade commission. group.
“The world order has not faced such a risk since before World War II,” Guy Platten, secretary-general of the International Chamber of Shipping, said in a recent interview. “The last time we took this road, it didn’t end well. . . Trade wars can lead to genuine wars. “
Platten expressed fear that if Trump’s nationalist policies return, they will do so with even more intensity. Reflecting on a “terrifying” scale of Trump’s first term in the White House in 2018, he noted: “If this regime comes back, we may see those policies amplified. This simply sets off a chain reaction where everyone does the same thing. . . the entire framework of foreign laws and agreed regulations may be at risk. »
However, Platten also criticized the Biden-Harris leadership for attacking Chinese shipping. With Kamala Harris, the current vice president, expected to be the Democratic nominee, it’s possible those policies will continue.
Chinese shipowners “are very interested in the option of enforcing price lists on Chinese-built ships,” Platten said. “There’s a charge for it. . . anything that politicians don’t take into account. “
Platten points to a growing unease among shipowners about the political trajectory in the United States.
Earlier this week, Vincent Clerc, chief executive of Danish shipping giant AP Møller-Maersk, warned that consumers were speeding up orders for fear of a new industrial war between the United States and China intensifying.
Data from Xeneta, a shipping analytics company, showed an increase in the Chinese-American industry in the first five months of the year, returning to levels seen just after the COVID-19 pandemic. Analysts consider this to be part of Trump’s risk of increasing prices of all Chinese imports to 60%.
“U. S. companies still have the chaos of COVID-19 on their minds,” said Emily Stausbøll, senior shipping analyst at Xeneta. “While advance loading can also mitigate regional origin chain risks, such as potential movements in U. S. ports or new price lists on Chinese goods, it’s understandable why some U. S. importers are taking this approach. “
For decades, the United States, as the world’s largest economy and largest importer, has championed lax industrial policies that have driven globalization and the expansion of the shipping industry. But today, leaders of both political parties are pushing for protectionism.
Trump has proposed competitive restrictions on the industry, adding a 10% tax on all U. S. imports and a 60% tax on Chinese goods.
President Joe Biden has also raised price lists for various Chinese goods, from electric cars to steel, as part of a pre-election effort to protect American jobs and benefit from former trade regions. In April, the White House launched an investigation into the particularly aggressive “moves” that it claimed had caused “distortions” in the shipping market.
The move followed a call through the United Steelworkers union, according to Beijing, for interventionist policies to dominate global shipbuilding and maritime trade.
The Biden-Harris leadership had already expanded the powers of the US shipping regulator in 2022 after President Biden criticized “foreign shippers” who clashed with US importers over supply chain disruptions due to the coronavirus pandemic. COVID-19.
However, Platten argued that additional anti-shipbuilding measures, adding taxes on Chinese-built ships that dock in U. S. ports, would be counterproductive.
Referring to predictions that such measures would increase demand and charges for Japanese and Korean ships, he warned: “The United States will end up paying more for this policy than it would gain from tariffs. History has shown time and time again that protectionist policies “The measures in the end charge the country more”.
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Deep Leads Resource Increases Across the Board: Quality, Tonnage and Target Zone ABx Group has reported a 30% increase in its mineral resource estimate (MRE) at the rare ion adsorption clay earth deposit ( IAC) from Deep Leads in northern Tasmania. The accumulation at MRE comes from 36 assayed exit wells, representing a significant northward extension to the existing Deep Leads prospect.
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