Trump's plan for towering tariffs spells bad news for shipping

US plans to introduce large tariffs on steel and aluminum come as bad news for shipping companies, Secretary General of Danish Shipping, Anne Steffensen, tells ShippingWatch. "The US is our second-largest market."

Ritzau Scanpix/Evan Vucci
Photo: Ritzau Scanpix/Evan Vucci

The shipping industry overall could face entirely new trade barriers and at worst a de-facto trade war following Thursday's remarkable announcement from US President Donald Trump.

Trump announced a new plan aimed at protecting the country's steel and aluminum producers. Specifically, the US president wants to introduce new tariffs on the two metal commodities, with a 10 percent import tariff on aluminum and a 25 percent tariff on steel.

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