Søren Skou: Trade war has had the opposite effect

Maersk Chief Executive Søren Skou says US companies increased imports from China in late 2018 to buffer their inventories – directly contrary to Donald Trump's intentions.

Photo: Ritzau Scanpix/Niels Hougaard

US companies imported significantly more goods from China in the end of 2018 in order to buffer inventories ahead of new import tariffs taking force as part of US President Donald Trump's trade war, says Maersk Chief Executive Søren Skou in an interview with Reuters during the World Economic Forum meeting in Davos, Switzerland.

"It was very clear that US imports from China rose significantly in the fourth quarter, while exports to China fell. So quite the opposite of what the US administration had wanted," Skou says to the news agency.

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