Shipping demand is on the track for a recovery after China and U.S. announced measures to ease tariff tensions between the two countries, according to Chinese freight forwarders.
China and the United States announced in Geneva on Monday a series of tariff modification measures aimed at easing trade tensions between the world's two largest economies.
The decision followed a two-day China-U.S. high-level meeting on economic and trade affairs, where both sides recognized the importance of their bilateral economic and trade relationship to both countries and the global economy, a joint statement said, noting that both sides emphasized the need for a sustainable, long-term and mutually beneficial economic and trade relationship.
Chinese freight forwarders say the announcement has driven up their business.
On Tuesday morning, Chen Xiang, general manager of Shanghai Pegasus Logistics, was busy repeatedly confirming the latest freight rates with his peers in the industry.
He said that soon after China and the U.S. released the statement, shipping companies verbally announced freight rate adjustments.
"Currently, the price has basically increased by about 500 U.S. dollars per container (twenty-foot equivalent unit). As demand has surged, there will definitely be a shortage of supply. We must book space in advance, to confirm the loading time and customs declaration time," he said.
In addition to communicating with peers and shipping companies, Chen and his employees are paying close attention to the clients' shipping demand.
"Factories and foreign trade companies have just learned about the news [on tariff reductions]. They need to schedule their shipments based on the backlog of orders they have received. If they place an order three to four days later, their shipments could resume around the end of next week," said Shi Lijun, business specialist of Shanghai Pegasus Logistics.
Shipping demand recovers amid China-US tariff adjustments
Shipping demand recovers amid China-US tariff adjustments
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
China, Lesotho to strengthen exchanges, advance cooperation
