Tariffs News

For nearly 200 years, metal casting foundries have served as the backbone of American manufacturing. Though only 1,750 foundries remain today, compared to more than 6,000 in 1955, they are responsible for more than $110 billion in economic output and support nearly half a million jobs. With President Trump’s tariff negotiations underway, a renewed mandate for reshoring manufacturing efforts, and the looming decisions around the Tax Cuts and Jobs Act, the future of America’s foundries—and thus…

Rates for shipping cargo containers from China to the U.S. have dropped by more than half since earlier this month, as imports rebounded less than expected after the slump that followed President Donald Trump slapping 145% tariffs on China.Trump quickly reversed course by lowering the rate to 30%. That cost increase on goods from the nation's No. 1 ocean trading partner remains significant, especially at a time when U.S. economic data is signaling weakness.Rates on the closely watched Shanghai-to-U.S.

U.S. seaborne imports of goods from China dropped 28.5% year-over-year in May, the sharpest decline since the pandemic, as President Donald Trump's 145% tariffs took hold, supply chain technology provider Descartes said on Monday.China is the top U.S. supplier of goods that enter through seaports, including the nation's busiest in Los Angeles/Long Beach. Domestic businesses ranging from retailer Walmart to automaker Ford depend on those goods to operate.Overall U.S. seaborne imports in…

The U.S. in recent days suspended licenses for nuclear equipment suppliers to sell to China's power plants, according to four people familiar with the matter, as the two countries engage in a damaging trade war.The suspensions were issued by the U.S. Department of Commerce, the people said, and affect export licenses for parts and equipment used with nuclear power plants.Nuclear equipment suppliers are among a wide range of companies whose sales have been restricted over the past two weeks as the U.S.-China trade war shifted from negotiating tariffs to throttling each other's supply chains.

U.S. manufacturing contracted for a third straight month in May and suppliers took the longest time in nearly three years to deliver inputs amid tariffs, potentially signaling looming shortages of some goods.President Donald Trump's aggressive trade policy again dominated commentary from manufacturers in the Institute for Supply Management (ISM) survey published on Monday, and suppliers were passing on the import duties to customers. That challenges the Trump administration's…

The Trump announcement of tariffs on nations currently exporting various grades of the metal to the US is unquestionably set to dampen global steel prices and ship recycling sentiment across the Indian sub-continent, reports cash buyer GMS.“Every week is now intent on bringing with it, an entirely new economic reality for the world to re-adjust to, turning everyday business practices into an extremely erratic and volatile way of conducting any type of practical international trade…

The decision of the U.S. Court of International Trade to deem Trump’s sweeping tariffs as unlawful is good news for shippers—but it could signal the beginning of the next era of confusion in global supply chains.“The court decision to deem the sweeping tariffs unlawful is clearly positive news for shippers who have faced extraordinary increases in the cost of importing goods into the US, but this should come with a warning that the story is far from over. Even if the appeal fails…

New orders for key U.S.-manufactured capital goods plunged by the most in six months in April amid mounting uncertainty over the economy because of tariffs, suggesting business spending on equipment weakened at the start of the second quarter.The report from the Commerce Department on Tuesday also showed shipments of these goods falling last month. Economists said President Donald Trump's flip-flopping on import duties was making it difficult for businesses to plan ahead. That…

The Southeast Asian bloc ASEAN on Tuesday announced an ambitious strategic plan that includes harmonising trade standards and greater financial integration in an effort to collectively become the world's fourth-largest economy.The five-year, 41-page plan for the 10-member Association of Southeast Asian Nations, released during a leaders' summit in Malaysia, calls for increased regional trade, freer movement of businesses and people, enhanced transparency and regulatory practices and sustainable mining…

A new report from Wood Mackenzie, "Trading cases: Tariff scenarios for taxing times", presents three futures for the global energy landscape, highlighting the far-reaching implications of ongoing trade tensions for the energy and natural resources sectors.The report presents three possible outlooks for the global energy and natural resources industries - Trade Truce (the most optimistic), Trade Tensions (the most likely) and Trade War (the worst outcome) – each painting a dramatically different picture for global GDP…

Japan's Ishiba signals increasing corn imports as part of US trade talksJapanese Prime Minister Shigeru Ishiba on signalled that increasing corn imports from the U.S. would be among options in trade negotiations with Washington, but warned Japan would never sacrifice its agriculture industry to win lower auto tariffs.Japan has made little headway in two rounds of trade talks with the U.S. as it seeks exemptions from U.S. tariffs, including a crippling 25% tariff on its mainstay automobiles.During the first round of talks last month, U.S.

German container shipping firm Hapag-Lloyd on Monday welcomed an agreement between the United States and China to temporarily slash reciprocal tariffs, saying it expected to be buoyed by a resulting increase in bookings from China to the U.S.The United States will cut extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days, the two sides said on Monday.Trade between the world's two largest economies plummeted in the midst of the trade standoff…

As trade negotiations between the United States and China inch closer to resolution, stakeholders across multiple industries are holding their breath. For many, the focus is on tariffs, supply chains, and global competition. But for the long-neglected U.S. maritime sector, these talks may represent a once-in-a-generation opportunity to not only regain relevance, but to reassert strategic and economic independence on the high seas.Once a dominant global maritime power, the United States today operates a commercial fleet of fewer than 80 ocean-going vessels under the U.S. flag engaged in international trade — a startling figure compared to China’s rapidly expanding commercial fleet of over 5,500 ships.

Global freight forwarder Expeditors International of Washington reported first-quarter earnings above Wall Street estimates on Tuesday, driven by companies pulling forward goods in anticipation of price hikes from President Donald Trump's tariffs."While we often have performed well when the marketplace is most unpredictable, I am not sure any of us have ever seen anything like the non-stop, rapidly shifting rules and regulations that have impacted our industry in recent days," said Expeditors CEO Daniel Wall.The company's airfreight tonnage rose by 9%…

President Donald Trump's import tariffs will ultimately result in higher electricity prices for U.S. consumers, wind turbine maker Vestas warned on Tuesday, adding it could not absorb the extra costs.Wind turbines include components and materials sourced globally, making the sector vulnerable to potential impacts from international trade tariffs."Ultimately, the tariffs will go in and be part of an increased cost to the projects and therefore it will lead to an increased price in electricity…

Norwegian Cruise Line Holdings missed estimates for first-quarter revenue and profit on Wednesday and warned of weak consumer spending on premium voyages due to growing concerns over a possible recession, sending its shares down 9%.The cruise operator said it was expecting annual net yield - profit made per passenger after costs - below the prior range and softness in booking trends due to macroeconomic uncertainty."We are seeing consumers just get a little bit tighter in terms of their willingness to take a longer haul vacation…

The tariff increases by the US and China in effect as of April 25 are estimated to directly affect 4% of dry bulk ton mile demand. They are expected to impact the growth of minor bulk cargo volumes, as shipments to the US may stagnate or decrease. On the other hand, China is expected to increase purchases of dry bulk cargoes from other countries, leading the US to seek alternative markets.“We expect that the dry bulk market’s supply/demand balance will weaken in both 2025 and 2026.

Maersk said on Tuesday it had maintained all its scheduled trans-Pacific sailings to date, albeit downsising some vessels, despite the uncertainty caused by U.S. import tariffs and the trade war between the United States and China.German container carrier Hapag-Lloyd last week said that its customers had cancelled 30% of shipments to the United States from China, spooked by the trade conflict between the world's two largest economies.Maersk said its customers with shipments out…

Finland's Wartsila said U.S. tariffs were impacting its battery storage business while rising trade tensions could push back clients' investment decisions, after its quarterly operating earnings missed market expectations on Friday.Shares of Wartsila, which builds ship engines and power plants, fell up to 4.5% in volatile early trading, but flattened by 0940 GMT.Wartsila's CEO Hakan Agnevall told Reuters that he saw no major direct impact from U.S. tariffs on the marine business…

Hapag-Lloyd customers have cancelled 30% of shipments to the United States from China, spooked by the trade conflict between the world's two largest economies, a spokesperson for the German container shipping group told Reuters on Wednesday.Instead, there has been a "massive increase" in demand for consignments from Thailand, Cambodia and Vietnam, the spokesperson added.Tariffs on goods from China introduced by U.S. President Donald Trump have triggered a trade conflict that has resulted in 145% U.S. duties on Chinese goods and 125% Chinese duties on U.S.

On April 17, the Trump administration shielded domestic exporters and vessel owners servicing the Great Lakes, the Caribbean and U.S. territories from port fees to be levied on China-built vessels.The Federal Register notice posted by the U.S. Trade Representative (USTR) was watered down from a February proposal for fees on China-built ship of up to $1.5 million per port call.Ocean shipping transports about 80% of global trade - from food and furniture to cement and coal. Industry executives feared virtually every cargo carrier could face steep, stacking fees that would make U.S.

U.S. President Donald Trump administration plans to use ongoing tariff negotiations to pressure U.S. trading partners to limit their dealings with China, The Wall Street Journal reported on Tuesday citing people with knowledge of the conversations.U.S. officials plan to use negotiations with more than 70 nations to ask them to disallow China to ship goods through their countries and prevent Chinese firms from being located in their territories to avoid U.S. tariffs, the report added.(Reuters - Reporting by Janaki Venugopalan in Bengaluru; Editing by Himani Sarkar)

Turbulence stirred by President Donald Trump’s tariffs could disrupt global shrimp shipments to the United States, with exporters in top supplier India warning that up to 2,000 containers of frozen shrimp are at risk.Ecuador, however—located thousands of kilometers closer to the U.S.—faces a lower tariff rate and may benefit from the shift, exporters say. Shrimp is the country’s most valuable export after oil.India’s shrimp sector is bracing for a 26% tariff under Trump’s July plan, jeopardizing a $7-billion seafood export industry that relies heavily on major U.S.