Hapag-Lloyd Says 30% of China's U.S. Bound Shipments Have Been Canceled

[Submariner]

https://gcaptain.com/hapag-lloyd-says-30-of-chinas-u-s-bound-shipments-have-been-canceled/?subscriber=true&goal=0_f50174ef03-af46837b74-139804241&mc_cid=af46837b74&mc_eid=ddcc8b6ceb



By Matthias Inverardi

DUESSELDORF, April 23 (Reuters) – Hapag-Lloyd customers have canceled 30% of shipments to the United States from China, spooked by the trade conflict between the world’s two largest economies, a spokesperson for the German container shipping group told Reuters on Wednesday.

Instead, there has been a “massive increase” in demand for consignments from Thailand, Cambodia and Vietnam, the spokesperson added.

Tariffs on goods from China introduced by U.S. President Donald Trump have triggered a trade conflict that has resulted in 145% U.S. duties on Chinese goods and 125% Chinese duties on U.S. goods.

The spokesperson said the company was using smaller vessels on the route to the U.S. in some cases, while keeping the number of passages unchanged.

The International Monetary Fund warned on Tuesday that global economic output will slow in the months ahead as Trump’s steep tariffs on virtually all trading partners begin to bite.

Trump later on Tuesday expressed optimism that he would make progress with China that would substantially lower tariffs on its imports but also warned that “if they don’t make a deal, we’ll set the deal.”

(Writing by Ludwig Burger; editing by Matthias Williams, Kirsten Donovan)

This will likely lead to Longshoreman layoffs soon.

[ImNotGod]

1. What I'm hearing is that shipments are down to the level of the height of the pandemic so expect

shortages, empty shelves and higher prices next month.

[progressoid]

3. And we don't have anyone in DC that will stop it.

Or help us when the shit hits the fan.

[Jit423]

2. Warring with ancient cultures is eventually unwinnable war. It may take decades...but we lose. China is about to teach

Trump the true "art of the deal." They are going to squeeze him and us until we yell "quit."

I hate going against my country but, as our fascist leader has said, sometimes a little pain is necessary. Wait for it.