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Tariff turmoil deepens as global trade braces for impact

Shipping firms and US importers are racing to move goods from China ahead of a looming tariff hike, with the current truce under President Donald Trump's trade policy set to expire on 12 August. The urgency has intensified at ports such as Hong Kong, where vessels like the ONE Modern are offloading and reloading thousands of containers under severe time pressure.

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Industry leaders warn of deepening instability. 'The indices for unpredictability and chaos are actually at an all-time high,' said Roberto Giannetta, chairman of the Hong Kong Liner Shipping Association. Despite recent negotiations in London producing a tentative trade framework, uncertainty remains widespread.

Companies like US-based Learning Resources, which relies on Chinese-made educational toys, are stockpiling goods to pre-empt rising costs. CEO Rick Woldenberg noted that 'rules change three times a week', making planning nearly impossible. The toy industry is particularly exposed, with around 80% of products sourced from China.

The shipping sector continues to operate with resilience, but the financial burden of tariffs is increasingly passed to consumers. 'It's a tax and they've turned our company into a tax collector,' Woldenberg added. Businesses are now facing the dual challenge of rising costs and potential product shortages.

Source: www.edition.cnn.com

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