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Breaking! US raises tariffs again! North American shipping rates rise sharply!
Recently, after U.S. President Biden warned that Trump's plan to increase tariffs on Chinese goods would be a "major mistake," he himself announced new tariffs on key materials imported from China.
It is understood that import taxes on solar wafers and polysilicon will increase from 25% to 50%, while certain tungsten products used in the production of electronics and semiconductors will be subject to a new 25% tariff. These products are widely used in the aerospace, automotive, defense, medical, and oil and gas industries.
The new import tariffs will take effect on January 1. 2025. just weeks before Trump's inauguration on January 20.
In addition, under the frequent adjustments to U.S. tariffs on China, freight rates on East Coast and West Coast routes have surged significantly.
The Shanghai Shipping Exchange released the Shanghai Export Containerized Freight Index (SCFI), showing that on December 13. the index stood at 2.384.40 points, a 5.7% increase from the previous week.
On North American routes, freight rates soared. On December 13. the market freight rates for basic ports from Shanghai to the U.S. West Coast and East Coast were $4.023/FEU and $5.494/FEU, respectively, up 21.6% and 11.6% from the previous week.
Furthermore, the Ningbo Shipping Exchange reported that the Maritime Silk Road Ningbo Export Container Freight Index (NCFI) closed at 1.722.8 points, a 4.8% increase from the previous week.
Among the 21 routes, freight indices on 7 routes increased, while indices on 14 routes declined. Notably, the East Coast route rose 10.0% compared to last week, while the West Coast route surged by 43.5%.