By Brendan Murray (Bloomberg) -- Just as the U.S. president urges American companies to ditch China, many of them can’t get more of China fast enough. Consider the voyage of the container ship Melina, which set sail Wednesday from a Chinese port near Shenzhen with products bound for U.S. households, a hulking symbol of how the flow of goods is adapting in a global economy … [Read more...]
More Transatlantic Blankings Unveiled as New Trade War Threatens
By Mike Wackett (The Loadstar) - 2M partners Maersk and MSC have extended the suspension of their TA4/NEUATL4 transatlantic loop through to September. The service, which deploys five vessels with an average capacity of 5,300 teu and has a rotation of Antwerp-Rotterdam-Bremerhaven-Liverpool-New York-Savannah-Port Everglades-Savannah, was originally suspended until mid-June … [Read more...]
White House Trade Advisor Walks Back Comments on China Trade Deal Being ‘Over’
WASHINGTON, June 22 (Reuters) - White House trade adviser Peter Navarro on Monday walked back on his earlier remarks that the U.S.-China trade pact was "over," stoking volatility in markets already frazzled by the coronavirus pandemic. Navarro said his comments were taken "wildly out of context," while U.S. President Donald Trump confirmed in a tweet the deal with China was … [Read more...]
U.S. Total Trade Slumps to Lowest Level in Almost a Decade
By Ana Monteiro (Bloomberg) --U.S. trade in goods and services plunged in April to the lowest level in almost a decade as the Covid-19 pandemic stifled demand and hindered logistics. Exports declined from the prior month by 20.5%, the biggest drop in comparable data back to 1992, to $151.3 billion. Imports decreased 13.7%, also the most since 1992, to $200.7 billion. … [Read more...]
Trade War Cut $1.7 Trillion From U.S. Market Caps, Study Shows
By Eric Martin (Bloomberg) --The U.S. trade war with China cut $1.7 trillion from the market value of listed American firms and will reduce their investment growth rate by almost 2 percentage points by year end, according to a report highlighted by the Federal Reserve Bank of New York. Higher tariffs weakened investment expansion by 0.3 percentage points through the end of … [Read more...]