With a single tweet from President Trump, the flames of the US and China trade war had rekindled and rattled the global economy.
The US “mid-term” elections, sandwiched in the even years halfway through Presidential terms, are now behind us.
The brewing trade war between the US and China is seen having varied effects on different parts of the shipping industry. While much will depend on if and when the tariffs actually kick in, analysts seem to agree that the worst effects will be felt by the container shipping industry, exacerbating an already difficult situation with oversupply of capacity and slowing global trade.
Singapore is imposing restrictions on navigation and prohibited zones next week in the waters around Sentosa Island where the summit between US President Donald Trump and North Korean leader Kim Jong-Un will be held.
Capesize paper market started the week on bearish notes after a slight recovery from the trading near the floor on the previous week. News of US tariffs on steel imports and China’s lower iron ore imports in February certainly did not help the capesize market either and cast more doubts on the market outlook ahead.
The American Association of Port Authorities (AAPA) annual conference coincided with President Trump’s State of the Union address, and the cheers from attendees watching the speech on a big screen TV, following the first day’s presentations, grew louder and louder each time that he used the “I-word” (infrastructure) in his remarks.