Volatility drives US importers to continue to look for new suppliers
US containerised imports held broadly steady in June, but the underlying sourcing picture suggests importers ...
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Included in the latest raft of tariffs announced this week by the US is that container cranes made in China – by ZPMC as well as European firms such as Konecranes – are to be subject to a 25% levy, according to World Cargo News, which noted that the increase would make non-Chinese cranes more cost-competitive.
It is something of an irony that one of the key pieces of equipment that makes global trade possible is now set to be subject to same sort of restrictions that are being placed on the very goods they handle.
However, it is no laughing matter for US ports – Chinese-built container cranes dominate the global port market, with ZPMC controlling a market share of 80%-plus for the past 20 years, and terminal managers are said to be increasingly concerned about new equipment procurement, given the lack of manufacturing capacity elsewhere in the world.
Amid concerns among US security analysts that some China-manufactured cranes might be used for espionage, President Biden in February announced a $20bn package for port equipment manufacturer Paceco, a subsidiary of Japan’s Mitsui Group, to build a new factory in California.
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