The US is a sizeable, rather than giant, tassel in the global trade tapestry
To President-elect Donald Trump, “tariff” is the most beautiful word in the dictionary. His campaign-trail proposals included a 60 per cent duty on Chinese goods and 20 per cent on European ones. All things being equal, higher duties should translate into less trade. Isn’t that bad for shipping? Maersk shareholders think not.
The impact of a near-term surge in shipping demand would be amplified by the stretched state of the shipping market. Disruption in the Red Sea has lengthened journeys, and while freight rates are off their peak, the Shanghai Containerized Freight Rate is still more than twice as high as it was in 2023. By way of history, Trump’s last experiment with tariffs ended up clipping global seaborne trade — measured in tonnes/km — by only 0.5 per cent.
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