Hapag-Lloyd, one of the world’s biggest container shipping firms, told Reuters last week that customers had already canceled 30% of shipments from China to the United States due to the trade war and the escalation of the U.S. tariffs on imports of Chinese goods. By mid-May, containerships to U.S. ports will grind to a halt, by late May, trucking demand will come to a halt, early June will see layoffs in the trucking and retail industry, and recession is coming in the summer of 2025, Apollo Global Management predicts. With the current U.S. Administration, there is always a chance of a flip and reversal in the tariff and trade wars, but business and consumer sentiment has been eroded in the near term.
Author: Tsvetana Paraskova
Published at: 2025-05-03 23:00:00
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