Global trade in numbers news by Hebei Longsheng metals and minerals co. ltd
| All this week we’ve been taking a deep-dive into corporate commentary on the impact they are facing from tariffs applied by the Trump administration. Those have ranged from Cooper Tires and ACCO Brands raising prices to PriceSmart and GoPro considering cutting China from their supply chains. Trade policy remains in flux with President Trump having revised GSP conditions for 15 countries while we analyzed over 8,000 requests for exemptions from the section 301 duties. The logistics sector has had a tough week with Nippon Express being the 8th out of 9 forwarders to report disappointing profitability, while COSCO Shipping showed the continued cost of higher fuel prices. Looking ahead the midterm elections next week loom over the administration’s ability to make policy in 2019. 102%: Outokumpu’s CFO, Christop de la Kamp, has indicated the company is facing pressure from U.S. import tariffs on its steel products as “not all of those tariffs can be passed on to some customers”. While the 25% import tariffs may have trimmed its competitiveness vs. U.S. peers there has not been a significant impact on shipments. The company’s U.S. seaborne imports actually rose 24.5% in the third quarter on a year earlier including a 102% rise in flat-rolled stainless steel. 59.7%: Warehouse club retailer PriceSmart is considering a restructuring of its supply chain. The company currently imports products from China via a hub in Miami for onward export to its shops in Central America. That has exposed the company to the Trump administration’s tariffs on Chinese exports. PriceSmart relied on China (including Hong Kong) for 59.7% of its U.S. seaborne imports in the 12 months to Sept. 30. The company may have been stockpiling given imports from China rose 9.0% on a year earlier in the third quarter vs. a 3.0% decline for all other countries. Preliminary data shows its imports from China, led by furniture which became eligible for 10% tariffs from Sept. 24, may have fallen by a third on a year earlier in Octobe |
