World News
China Hits Back with Up to 15% Tariffs on US Agricultural Imports
In response to US President Donald Trump's latest announcement of a tariff hike on Chinese imports from 10% to 20%, China has fired back with its own set of tariffs, hitting US agricultural products with duties of up to 15%.
The move escalates tensions in the ongoing trade war, putting American farmers squarely in the crosshairs.
A 15% additional tariff will apply to chicken, wheat, corn, and cotton imports from the US, while a 10% tariff covers sorghum, soybeans, pork, beef, seafood, fruits, vegetables and dairy, according to a China State Council Tariff Commission policy document released on Monday.
The tariffs will take effect on March 10. However, they will not apply to US goods that were shipped before March 10 and arrive in China before April 12.
The ongoing trade war between the US and China has created significant challenges for shipping firms.
With higher duties on US agricultural exports to China, trade volumes may decline as Chinese buyers seek alternative suppliers, reducing demand for bulk carriers that transport these commodities.
This could also affect bunkering demand in US ports, as lower shipping activity may lead to decreased fuel consumption.
Last month, China also imposed 15% tariffs on imports of LNG and coal from US, along with a 10% tariff on crude oil.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 530.00 | 3.50 | 660.50 | 2.00 |
| Rotterdam | 517.50 | 0.50 | 661.50 | 4.00 |
| Houston | 536.50 | 1.00 | 698.00 | 4.00 |
| Fujairah | 534.00 | 3.00 | 746.50 | 2.50 |
| Global 20 Ports Average | 573.50 | 3.00 | 771.50 | 1.00 |
| Global 4 Ports Average | 529.50 | 2.00 | 691.50 | 3.00 |
| Global Average Bunker Price | 617.50 | 9.50 | 807.50 | 2.50 |
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