U.S. Postpones Tariff Increases on Certain Chinese Imports
Last week, the U.S. Trade Representative (USTR) announced a two-week delay in implementing tariff increases on a variety of Chinese imports, including a 25% duty on Chinese made ship-to-shore cranes.
These tariffs were originally scheduled to begin last Thursday but are now under additional review, with a final decision expected in mid-August. The USTR is considering over 1,000 public comments received during the consultation period. The final determination, per USTR, will be made in August 2024.
While some of these tariffs are expected to take effect this year, not all of these tariffs will as some will be phased in through the next few years.
Europe's Top Ports Report a Boost in Freight Volumes in First Half of This Year
In the first half of 2024, two of Europe’s largest ports have seen an increase in freight volumes, with a recovery starting in the first quarter and continuing into the second as an early peak season boosted container throughput.
The Port of Rotterdam saw a 2.2% rise, handling 6.8 million TEUs, while the Port of Antwerp-Bruges managed 6.6 million TEUs, up 4.1% from the previous year, the JOC reports. The continuation of this trend in the second half of 2024 remains uncertain and will depend on the broader recovery of European industry, the Rotterdam Port Authority CEO said on the matter.