Car-Shipping Companies Plunge After Trump’s Latest Tariffs
Shares of companies that haul cars across oceans plunged after President Trump widened his trade war with tariffs on vehicles not made in the US.
The Canadian government is taking steps to ban Russian-owned or registered ships and fishing vessels from Canadian ports and inland waters.
The move comes a day after the UK government on Monday made a similar announcement, calling on ports to deny entry to Russian-linked ships. Legislation making the ban official is expected to follow. European Union countries also now considering a ban at all EU ports.
Canada’s ban is expected to be in effect later this week through orders made pursuant to the Special Economic Measures Act.
“Russia must be held accountable for its aggression in Ukraine. Canada will continue to do what is necessary to respond. Today, we are taking steps to close Canadian ports and internal waters to Russian-owned or registered ships. The Government of Canada condemns Russia’s invasion of Ukraine, and we will continue to take action to stand with Ukraine,” said Canada’s Minister of Transport, the Honourable Omar Alghabra.
The Canadian Government has already banned Russian aircraft from entering Canadian airspace. Prime Minister Justin Trudeau on Monday also banned imports of Russian crude oil.
Meanwhile, many of the world’s leading shipping lines have suspended services and bookings to and from Russia, with the exception of essential goods.
Sign up for gCaptain’s newsletter and never miss an update
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up