Global trade faces highest level risks since World War II
Date
8/14/2024 5:35:16 AM
(MENAFN) Guy Platten, Secretary General of the International Chamber of Shipping, has raised alarm about unprecedented risks to global trade, comparing the current climate to the highest levels of threat since World War II. He cites rising economic nationalism in the United States, which could undermine global trade regardless of the outcome of November’s presidential election. Platten, who oversees an organization representing over 80 percent of the world’s shipping fleets, expressed particular concern over the potential return of Donald Trump’s protectionist policies. He fears that a resurgence of such nationalism would lead to increased global protectionism, undermining the established international order and potentially leading to severe trade conflicts, much like those that have historically precipitated wars.
Platten's concerns are echoed by criticisms of current U.S. policies under President Joe Biden and Vice President Kamala Harris, who have targeted the Chinese shipping industry. He points out that Chinese shipowners are deeply worried about the possibility of tariffs on Chinese-made vessels, emphasizing that such measures could have significant, often overlooked, costs. This critique underscores a broader anxiety among shipowners about the trajectory of U.S. economic policy and its implications for international trade.
Adding to the uncertainty, Vincent Clerc, CEO of AP Maersk Moller, has warned that customers are already adjusting their order schedules in anticipation of a possible escalation in the U.S.-China trade conflict, should Trump return to power. This sentiment reflects growing unease within the shipping industry about the potential impact of heightened trade tensions on global trade dynamics.
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