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Shipping Gazette - HK Weekly |
25.November
2024 |
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NEWS HEADLINES
- Air cargo industry adopts 'wait and see' approach to US tariffs
THE air cargo industry is taking a wait and see approach to the likely impact of potential new US tariffs and stricter regulatory requirements for e-commerce shipments.
At the Tiaca Air Cargo Forum industry leader session, panellists were asked their opinion on how the possible implementation of stricter tariffs from incoming US president Donald Trump will impact that market.
Tiaca executive director Glynn Hughes pointed out that on the campaign trail, Mr Trump had suggested he would implement tariffs of 60 per cent on all imports from China and 10-20 per cent on goods from other countries.
Meanwhile, there are also expectations that the US will introduce tighter controls on e-commerce goods being imported under the de minimis exemption that means goods worth US$800 are not required to pay dues and face less customs scrutiny.
DB Schenker executive vice president global airfreight Asok Kumar said that tariffs would have an impact on the industry, with shippers rushing to move cargo ahead of their implementation.
"I'm not an economist but imposing 20 per cent tariff on goods outside of China and 60 per cent on goods from China, logically it would have an impact," he said. "It has been done before, but we didn't see the impact as wide ranging as we were expecting so we will have to wait and see."
The panellists were also asked how 2024 had been and their outlook for 2025.
Mr Kumar said the year had been busy, but the peak hadn't perhaps lived up to expectations.
He added that he was "cautiously optimistic" for 2025 but added that capacity could again be tight.
"When I look at 2025, I'm cautiously optimistic," he said. "The supply situation will continue to hamper us so let's see what will happen on the demand side. And if the supply situation continues to hamper us, it could be a tough year ahead in terms of capacity management and yield."
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