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The world’s biggest shipping company just put up a red flag that the trade war is crushing the global economy
'So far, US importers have shifted imports away from China to other countries such as Vietnam, Korea, Thailand, India and Mexico,' Maersk said.
Growth in global container trade more than halved to 1.7% in the first quarter. Maersk warned trade-war tariffs could slow it further.
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The world’s biggest shipping company has proof that Trump’s China tariffs are battering global trade
AP Moller-Maersk, the world's biggest operator of container ships, is once again sounding the alarm on President Donald Trump's trade war with China.
"Big US consumer brands like Nike produce in all of Asia, not just in one country, so there will be a substitution effect. You can't get Nike sneakers or iPhones that are produced in the US. So it will end up being pushed on to the consumer," Soren Skou of AP Moller-Maersk said.
The technology behind bitcoin could eliminate enormous piles of paperwork and bureaucracy in the shipping industry.
Maersk's updated outlook underscores that its industry continues to be slammed by the declines in commodities and shipping activity.