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China-US trade truce too late to boost weakening transpac rates
Transpacific rates are expected to fall despite a China-US agreement to mutually cut tariffs on $30bn worth of goods, many shipped in containers.
According to the report, China and the US agreed the day before publication to mutually cut tariffs on $30bn worth of goods, many of which move in containers. The “30-for-30” deal covers a combined 1,696 product lines; tariffs on more than 90% of listed products would drop to standard, most-favoured-nation rates. The Chinese list includes 1,619 items.
The cuts are not yet in force: both sides must complete domestic legal procedures before they take effect simultaneously.
The report states that transpacific rates are set to fall, and the trade truce is described as too late to boost the weakening market.
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