Foreign Trade News And European And American Sea Freight

On April 11 local time, the British government announced that it would suspend import duties on more than 100 goods by June 2026. British government sources said that 126 new tariff suspensions will be imposed on goods produced in insufficient quantities in the UK, and 11 goods will be extended.

According to an analysis by an industry body, the elimination of tariffs on these goods will reduce inflation by 0.6 percent. Nominal import costs would be cut by nearly 7 billion pounds ($8.77 billion). The tariff suspension follows the principle of most-favored-nation treatment under the World Trade Organization. The suspension of tariffs applies to goods from all countries.

According to the French "Les Echos" website reported on April 8, the falling price of ores and materials used to make batteries may allow manufacturers to cut car prices or increase profits. Internal combustion engine cars mainly bear the ups and downs of oil prices in the international market. Now electric car makers will face international volatility in lithium, cobalt and manganese, the raw materials used to make batteries. After soaring in 2022, prices for these materials collapsed in 2023 and are not expected to recover this year. This will drive battery prices down, ultimately giving automakers leeway to lower the price of electric vehicles.

Ocean freight rates have risen for 12 consecutive weeks and will continue to rise in July. The freight rate of the United States West route will be raised from $7,100-7,400 to $8,100-8,400, and the United States East route will be raised from $8,300-8,400 to $10,300-10,400, and the United States East will become the first freight rate of 10,000 yuan. European routes will rise from $7,500 to $8,500.

Revised sentence: In the race for presidency between Trump and Biden, Trump has asserted his intention to implement substantial tariffs of 60-100% on Chinese goods once elected.