150

News

Danish shipping fearful of US-China trade dispute

Christian Wenande
March 23rd, 2018


This article is more than 6 years old.

Billions at stake as clouds gather over maritime transport

Rough seas ahead? (photo: Pixabay)

The newly-sparked trade war between the US and China is being viewed with concerned eyes by the Danish shipping industry.

The dispute, which flared up yesterday after the Donald Trump administration decided to level trade sanctions on China – including restrictions on investment and tariffs – could seriously impact Danish maritime.

“Together, they make up about 40 billion kroner of maritime transport exports annually, so that’s a worrying development for the Danish shipping companies,” Jakob Clasen, the head of shipping association Danske Rederier, told DR Nyheder.

“We have about 4,000 dockings in each of the two countries, so if their trade is reduced, it will impact our activities and opportunities.”

President Trump said that the sanctions and tariffs on Chinese goods worth an estimated 60 billion US dollars were in response to the US losing millions of jobs to China.

READ MORE: Government launches ambitious growth plan for shipping sector

Chinese consternation 
Late last night, China then responded in kind, warning of a similar tariff on US goods worth about three billion kroner. Included were tariffs of 25 percent on pork imports and 15 percent on steel piping.

“We are concerned whether this is a snowflake that snowballs into an avalanche in which more goods are impacted by the tariffs. We worry that it’ll escalate into a broader trade war that will ultimately reduce world trade,” said Clasen.

Should the trade between the US and China significantly shrink, finding other countries to pick up the slack is paramount to Danish shipping.

The trade war news wasn’t good for the Danish finance sector either as the shares of leading Danish companies, including Maersk, Danske Bank and Novo Nordisk, fell sharply this morning.


Share

Most popular

Subscribe to our newsletter

Sign up to receive The Daily Post

















Latest Podcast

A survey carried out by Megafon for TV2 has found that 71 percent of parents have handed over children to daycare in spite of them being sick.

Moreover, 21 percent of those surveyed admitted to medicating their kids with paracetamol, such as Panodil, before sending them to school.

The FOLA parents’ organisation is shocked by the findings.

“I think it is absolutely crazy. It simply cannot be that a child goes to school sick and plays with lots of other children. Then we are faced with the fact that they will infect the whole institution,” said FOLA chair Signe Nielsen.

Pill pushers
At the Børnehuset daycare institution in Silkeborg a meeting was called where parents were implored not to bring their sick children to school.

At Børnehuset there are fears that parents prefer to pack their kids off with a pill without informing teachers.

“We occasionally have children who that they have had a pill for breakfast,” said headteacher Susanne Bødker. “You might think that it is a Panodil more than a vitamin pill, if it is a child who has just been sick, for example.”

Parents sick and tired
Parents, when confronted, often cite pressure at work as a reason for not being able to stay at home with their children.

Many declare that they simply cannot take another day off, as they are afraid of being fired.

Allan Randrup Thomsen, a professor of virology at KU, has heavily criticised the parents’ actions, describing the current situation as a “vicious circle”.

“It promotes the spread of viruses, and it adds momentum to a cycle where parents are pressured by high levels of sick-leave. If they then choose to send the children to daycare while they are still recovering, they keep the epidemic going in daycares, and this in turn puts a greater burden on the parents.”