The global economy is bracing for renewed turbulence following U.S. President Donald Trump’s announcement on Wednesday of sweeping new tariffs, triggering fears of a global trade war and sparking immediate market and political reactions.According to the White House, the new measures include a 10% minimum tariff on most imported goods, with certain products - particularly those from major U.S.
President Donald Trump said on Wednesday that he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries, including some of the United States' biggest trading partners, deepening a trade war that he kicked off on his return to the White House.
Nippon Yusen (NYK), Japan's largest shipping line, is concerned that U.S. President Donald Trump's tariffs could push up the cost of automobiles and daily goods, denting consumer demand and slowing cargo flows, its president said."The tariffs are not directly borne by consumers, but the burden ultimately falls on them, which in turn reduces the actual flow of goods.
Austal Limited said that Austal Australasia has been awarded a contract valued between A$265 and A$275 million by Gotlandsbolaget of Sweden for the design and construction of a 130-m combined cycle, ‘hydrogen-ready’ vehicle passenger ferry. Part of Gotlandsbolaget’s ‘Horizon X’ program, the high-speed ROPAX catamaran will be the largest vessel ever constructed by Austal, and feature a unique
Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy markets.The gas had kept flowing despite nearly three years of war, but Russia's gas firm Gazprom said it had stopped at 0500 GMT after Ukraine refused to renew a transit agreement.
With a strike possible again next month at East Coast and Gulf Coast container ports and President-elect Donald Trump planning to increase tariffs, the nation’s major container ports are expected to see a continued surge in imports through next spring, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
U.S. dock workers and port operators have reached a tentative deal that will immediately end a three-day strike that has shut down shipping on the U.S. East Coast and Gulf Coast, the International Longshoremen's Association (ILA) union and the United States Maritime Alliance (USMX) said on Thursday.
Long lines of container ships lined up outside major U.S. ports on Thursday as the biggest dockworker strike in nearly half a century entered its third day, preventing unloading and threatening shortages of everything from bananas to auto parts.No negotiations were scheduled between the International Longshoremen's Association and employers, but the port owners
The Port of Los Angeles reported handling nearly 960,600 Twenty-Foot Equivalent Units (TEUs) in August, marking a remarkable 16% increase compared to the same month last year. This figure represents the busiest month for the port since before the pandemic.With eight months of 2024 complete, the Port of Los Angeles is already 17% ahead of its total container volume from 2023
The International Longshoremen's Association union, representing 45,000 workers at major container ports from Texas to Maine, will begin two days of meetings on Wednesday to review wage demands and prepare for a potential strike on Oct. 1.Formal talks have reached an impasse as the union and the United States Maritime Alliance employer group wrangle over pay, automation
Retailers are fueling a summer rush of imports to the United States this year as companies guard against a potential strike by port workers and ongoing shipping disruptions from attacks in the Red Sea ahead of a shortened holiday shopping season.Container imports and freight rates surged in July
Norwegian Cruise Line Holdings on Wednesday raised its annual profit forecast for a third time this year, riding on sustained demand for luxury voyages and higher ticket prices.With people continuing to splurge on experiences and services over discretionary goods, operators have seen record booking rates for affordable cruise vacations, giving them enough opportunity to increase ticket prices.