South Korean media: After mutual tariff reduction, China-US cargo booking soars nearly 300%!
On May 15th, South Korean media "News 1" published an article stating that since the decision by China and the US to reduce tariffs, the reservation volume for cargo shipping from China to the US has surged by nearly 300%.
According to Reuters citing data from container tracking company Vizion, the average reservation volume from August to 14th increased by 277% compared to the previous week.
Vizion stated that since China and the US announced the reduction of high tariffs, the reservation volume has clearly started to recover.
Hapag-Lloyd, a German container shipping company, also said that in recent days, the reservation volume between China and the US has increased by 50% compared to the previous week.
Hapag-Lloyd CEO Rolf Habben Jansen told Reuters: "We expect the freight volume between China and the US to increase."
Since US President Donald Trump raised the additional tariffs on Chinese goods to 145% last month, there has been a significant decrease in cargo loading for US importers.
However, with the high tariffs between China and the US suspended for 90 days earlier this week, trade between the two countries seems likely to resume within days.
During these 90 days, the US agrees to reduce the additional tariffs on Chinese imports from 145% to 30%, while China will reduce the additional tariffs on US imports from 125% to 10%.
Source: https://www.toutiao.com/article/1832187613987868/
Disclaimer: The article represents the views of the author only.