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In January, the U.S. signed the Phase One trade deal with China and removed Chinese tanker company COSCO (Dalian) from its sanctions list. In the months ahead, President Donald Trump will be
increasingly focused on the election. Does all this add up to fewer trade headaches for ocean shipping in 2020? Absolutely not, according to speakers at the
Hellenic-American/Norwegian-American Chambers of Commerce (HACC/NACC) Joint Shipping Conference held in New York on Tuesday. The forecast is for even more tariffs and sanctions trouble
ahead. TRADE TENSIONS COULD SHIFT TOWARD EUROPE According to Thomas Joyce, managing director at Deutsche Bank Securities, “It is a mistake to think the Phase One trade deal was a significant
step forward. It is a standstill agreement. I call it a giant agricultural purchase agreement — and it is not even that big.” Furthermore, any purchases agreed to by China are contingent on
economic conditions, and the coronavirus jeopardizes those conditions. The Trump administration has already admitted that the coronavirus will delay Chinese purchases. TO CONTINUE READING
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