Source: scmp.com
Image content: The image depicts a large shipping container terminal, with a prominent green and white shipping container in the foreground. The container is stacked on top of another, which has the letters "OOCL" written on it in red.
* The green container features the words "CHINA SHIPPING" in large white letters, accompanied by Chinese characters to the left.
* Behind the containers, several large cranes are visible, painted red and white and bearing the letters "LBCT".
* The cranes are positioned behind a chain-link fence, with a tall light pole standing to the left.
* In the background, a bridge can be seen, set against a blue sky with some clouds.
Summary
The US has announced plans to impose significant port fees on Chinese ships, sparking retaliation from China and concerns about disrupted global trade and higher prices for US consumers. The move is part of a broader trade tensions between the US and China, with China vowing to hit back and exploring alternative routes and markets.
Key Points
- The US will charge Chinese ship owners and operators $50 per ton of cargo, rising by $30 per ton each year for three years, starting mid-October.
- China has vowed to retaliate against the 'discriminatory' and 'protectionist' measures, claiming they violate WTO rules and harm the global supply chain.
- The fees are expected to raise prices for US consumers and disrupt global trade, with some cargoes being redirected to European ports, causing congestion and increased prices.
- China is exploring alternative routes and markets, such as a Peruvian port and the Middle East, to mitigate the impact of the US fees.