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Customs restrictions worry Danish Shipping

Customs restrictions worry Danish Shipping
Jacob K. Clasen

23-03-2018 15:00:00

Even though the US decided to exclude Europe from new customs on steel and aluminium, new restrictions on trade between the United States and China are starting to raise concern. Diplomatic efforts are needed to make sure that the situation does not escalate, Danish shipping company Danske Rederier believes.

"A trade war between the Danish shipping companies' two biggest markets is very worrying. Danish shipping is one of Denmark's most globalized fields of occupation and therefore entirely dependent on continued open world trade, "says Jacob K. Clasen, CEO of Danske Rederier.

The United States and China are Danish shipping’s two largest markets with an annual export value of 14.5 billion and 24 billion Danish kroner, between the two countries. With a total export value of a total of 38.5 billion Danish kroner, the two countries make up approximately 23 percent of the shipping companies' total market.

Danske Rederier are therefore worried, seeing that Donald Trump announced on Thursday that the US will impose customs penalty on Chinese goods of up to 60 billion Dollars, which is close to 363 billion Danish kroner. Further concerns came the night to Friday when China announced a plan for similar customs penalty on US goods of 3 billion dollars.

Jacob K. Clasen is encouraging the world's major trading blocks to focus on better dialogue and diplomacy so that the current situation does not escalate further. The Danish interests are crystal clear in this context.

"Our request is clear. All parties - the EU, the US and China - must find solutions through dialogue, and do everything to avoid a damaging trade war. It is crucial that all parties make every effort to avoid the conflicts of trade running out and instead finding a solution at the negotiating table, "says Jacob Clasen.

Source: Danske Rederier / Maritime Denmark

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