World News
US Cuts Tariffs on Chinese Products by 10% After Trump-Xi Meeting
The US is set to cut tariffs on imports from China by 10 percentage points following a meeting between the two countries' leaders.
The decision follows a meeting between President Trump and President Xi in Busan on Thursday.
The Trump Administration now plans to cut the tariff on Chinese goods related to the fentanyl dispute by 10 percentage points, effective immediately. In addition China is now set to start purchases of large quantities of soybeans from the US, President Trump said after the meeting.
Escalating trade tensions between the US and China have been a significant concern for the global shipping industry this year, and any sign of a thaw in relations between the two countries should be a positive sign for global bunker demand.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 457.50 | 0.00 | 730.00 | 7.00 |
| Rotterdam | 427.50 | 13.00 | 689.00 | 10.50 |
| Houston | 442.00 | 10.50 | 671.50 | 13.50 |
| Fujairah | 453.50 | 7.50 | 747.50 | 11.50 |
| Global 20 Ports Average | 493.00 | 2.00 | 773.50 | 1.50 |
| Global 4 Ports Average | 445.00 | 8.00 | 709.50 | 7.00 |
| Global Average Bunker Price | 537.00 | 2.50 | 808.50 | 0.00 |
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Oct 30The decision follows a meeting between President Trump and President Xi in Busan on Thursday.