Shipping industry confronts unprecedented risks amid growing economic nationalism
Date
8/13/2024 6:03:04 AM
(MENAFN) Guy Platten, the Secretary General of the International Chamber of Shipping, has raised alarms about the unprecedented level of risks facing global trade, comparing the current climate to the period before World War II. He highlights the growing economic nationalism in the United States as a significant threat to international trade, regardless of the outcome of November's presidential election. Shipowners, in particular, are concerned about the potential return of protectionist policies under former President Donald Trump and are critical of the current administration's stance, including President Joe Biden's and Vice President Kamala Harris's policies targeting the Chinese shipping industry.
Platten, who represents more than 80% of the world’s shipping fleets, expresses deep concern about the possible resurgence of aggressive nationalist policies if Trump were to return to office. He recalls the economic disruptions caused by Trump's protectionism during his first term, noting that such trade conflicts historically have led to larger geopolitical tensions and wars. Platten warns that a re-emergence of such policies would likely lead to increased protectionism globally, undermining the established international order and legal frameworks.
At the same time, Platten criticizes the Biden administration's approach to the Chinese shipping sector, which has left Chinese shipowners worried about potential tariffs on their vessels. He points out the broader economic impacts of such policies, which are often overlooked by politicians. The anxiety among shipowners about the future of U.S. economic policy is echoed by Vincent Clerc, CEO of AP Moller-Maersk, who has noted that some customers are already accelerating their orders due to fears of escalating trade tensions under a possible Trump administration.
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