Donald Trump’s highly anticipated new round of “explosive” tariffs has officially taken effect, with the most notable measure being a staggering 104% tariff on China, the world’s largest exporter, according to Splash 247.com.
This move comes as part of a broader strategy to address what Trump has described as unfair trade practices, particularly after China failed to meet his deadline to remove retaliatory tariffs on U.S. goods.
In addition to the hefty levy on China, Trump has imposed tariffs ranging from 11% to 50% on 60 countries, which he considers to be the “worst offenders” in global trade practices. These new tariffs come on top of the 10% blanket tariffs announced just a week ago, further escalating trade tensions.
Splash 247 said the impact of these tariffs is already being felt across the global trade landscape. According to data from Vizion’s TradeView Global Trade Intelligence Platform, container bookings into the U.S. have plummeted by 67% over the past seven days compared to the previous week. Export bookings have also dropped by 40%, signaling a significant disruption in trade flows.
Lars Jensen, CEO of container consultancy Vespucci Maritime, highlighted the severity of the situation in a LinkedIn post, stating, “If these numbers are anywhere near accurate, this represents an extremely large disruption to the trade flows we are witnessing.”
As a result of this uncertainty, Splash 247.com said that container carriers are adjusting their operations to mitigate the impact. Several shipping companies are suspending services, with the Premier Alliance’s PN4 Pacific route, originally set to launch in May, being postponed indefinitely. Other carriers and alliances are expected to follow suit, adopting measures reminiscent of those seen during the early days of the COVID-19 pandemic five years ago.
These tariff actions mark a pivotal moment in the ongoing trade war between the U.S. and China, with ripple effects likely to affect global supply chains and shipping operations for the foreseeable future, said Splash 247.com.
