World News
Incoming Trump Administration to Add 10% Extra Tariffs on All Chinese Imports
The incoming Trump Administration is reportedly planning to add significant new tariffs on imports from China 'on day one' of its tenure.
President-elect Trump plans to impose an additional 10% to tariffs on all Chinese goods, as well as imposing 25% tariffs on all goods from Canada and Mexico, political news provider The Hill reported on Monday, citing comments from his social media platform.
"Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem," the report cited Trump as saying.
"We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price."
The possibility of increasing tariffs on foreign goods to help encourage US production was a running theme of the Trump campaign in the recent presidential election, but details on what that will mean in practice have been thin on the ground thus far.
Tariffs of this size would be likely to have a significant impact on the freight markets, and on bunker demand by extension.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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