The US Trade Representatives Office said we have imposed increased tariffs on the European Union and China. The EU and China have received a raise in tariffs from 10% to 25%.
Through negotiations, the US has insisted on these tariffs and the mechanism with which we impose penalties to assure that the EU and China live up to their commitments.
All who oppose these tariffs want them lifted, but the US insists on them being maintained. **
US Trade Negotiators and the Treasury Secretary have accused China of reneging on their commitment, saying China is renegotiating deals at the last minute. The US says no rush as the funds go into US treasury. The issue is, only the US treasury benefits and the tariffs continues to hurt the US economy!
The US had a $250 billion trade deficit with China !!
The most disturbing issue seems to imply the US Government has little consideration as to how this will affect Maritime Industry.. Ports such as New York, Long Beach, Norfolk, Philadelphia, Seattle, Portland and Miami where labor unions suffer the slowdown on imports and the near elimination terminal work.
In addition, the US Offices of foreign flag vessel owners find it difficult to maintain a balance between imports and exports. Less steel imports equals less steel product exports.
In speaking with freight forwarders, shipping agents, commodity brokers and customs brokers we’ve learned business has dropped between 15% to 50% (depending on ports of service) since the tariffs were imposed. In most cases these decreases are unsustainable.
As an industry we must pool our resources and apply pressure on Washington DC and on our local representatives. Our goal must be to eliminate or at least relieve these tariffs. It’s time for Maritime Industry to stand as one and pressure the treasury department and the president to negotiate a fair deal with the world. I do mean fair, not returning to the old ways and reestablishing a massive trade deficit. There has to be middle ground that will allow our economy to recover.
Please contact your local politicians!
** Washington Times