Photo courtesy CMA CGM Iron docked in Singapore
By Francois de Beaupuy
May 12, 2025 (Bloomberg) –Rodolphe Saade, Chief Executive Officer of CMA CGM SA, the world’s third-largest container carrier, hailed a truce in the trade war between Washington and Beijing.
“For CMA CGM, it’s good news,” Saade said during a hearing in the French Senate on Monday. “We’ve lost 50% of our volumes toward the US since the start of this crisis.”
The French shipping giant and rivals such as A.P. Moller-Maersk A/S are among companies that have been hit by President Donald Trump’s protectionist shift.
The world’s two largest economies agreed on Monday to temporarily lower tariffs and de-escalate the trade war. The three-month lowering of import duties will give the countries time to negotiate a broader agreement on trade.
© 2025 Bloomberg L.P.
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