Container shipping will be hit hardest – Bimco
Bimco’s chief shipping analyst, Niels Rasmussen, has warned of major consequences following the USA’s announcement of new import tariffs.
US import tariffs will rise by nearly 25%, significantly raising costs for businesses and consumers on around 80% of imports. Key US trading partners, including China, South Korea, Japan and the EU, are expected to retaliate, worsening the impact on global trade.
Rasmussen highlighted the fact that the announced measures exceed the OECD’s worst-case scenarios and could reduce global output by more than 0.3% and trade volumes by nearly 2%. Inflation could rise by 0.4 percentage points annually.
Container shipping will be hit hardest, as most goods transported in containers are now subject to the new duties. If US container imports stall, global container volume growth could fall by 0.5 percentage points. Tanker and dry bulk sectors are expected to be less affected. (ah)