The US has decided to exclude Europe on the new tariffs on steel and aluminum, after the new trade restrictions imposed by the Trump administration over China on its trade activities particularly in Metal and aluminum, are raising heavy concerns in the shipping industry. Multiple nations are asking for immediate diplomatic efforts to initiate to prevent an escalation, says Panama Maritime Lawyer Ismael Gerli.
The United States of America and China are the two main and largest markets for the worlds shipping industry sector with annual total exports that surpass the amounts within the other shipping activities in other sectors of shipping. The US and China represent a huge and most important part of the world shipping activity .
Having said this, it is of great concern for the maritime shipping sector that he US government has imposed new duties on Chinese goods that sum up to 60 billion USD. Further worry has deepened after China announced a plan of countermeasures on US goods worth 3 billion USD.
International Maritime organization calls for the world’s major trading groups to work on strengthening dialogue and diplomacy in light of preventing the increase the trade dispute.
Conservative calculations five counts of the trade between China and the USA which rounds 4 percent of global trade, therefore a dispute between the two countries will definitively damage trade structured schemes globally. Should this dispute route continue, will definitively represent a wrong way to go and will cause harm to consumers worldwide.