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US Corporates openly disagree with Trump
Concern increases. Consequences of a trade war against China and other major economies would harm most industries in the US.
Internal opposition has been strong against Donald Trump’s new tariffs on USD 50 Bn of Chinese imports. US business leaders openly express their strong disagreement towards the decisions of the US President and their concern due to the rising protectionism. It has been the same people who supported Mr Trump’s plans to cut taxes and regulations. Last week, both the US Chamber of Commerce and the Business Roundtable, two of the country’s major lobbying groups, urged the government to rethink the potential consequences the US manufactures, farmers and consumers would suffer, after the tariffs on Chinese imports.
The risk of a trade war is high and the decisions taken do not solve any problems, the roundtable warned. The group, however, mentioned that it shares the administration’s concerns about China’s “discriminatory trade practices”. The optimism developed during the last months driven by Mr Trump’s deregulatory agenda and the cuts to corporate tax rates in the Republican legislation (signed into law last December) might give their place to pessimism among small and large US companies, as protectionism against countries like China would hurt demand and might increase expenses significantly.
Different surveys prove that the mood has been changing fast as the scenario of a trade war grows further. Morgan Stanley’s business conditions index fell to 63 this month, from 65 in May. In the meantime, the Business Roundtable’s economic outlook survey declined for the first time in almost two years in Q2, reaching 111.1 from 118.6 in Q1. Conflicts between the US and its trading partners could follow after US tariffs or retaliatory measures, which could dramatically affect the US businesses.
The recent tax reforms resulted in strengthening corporate earnings and confidence about the US economy but a trade war could prove stronger than gains experienced after the tax reforms.
The developing uncertainty and concern about trade conditions after the tariffs could have a dynamic impact on the relationship between Washington and the US companies. The market could experience a shock if the rhetoric turns real. And with nothing similar happened in the last decades, nobody could be sure exactly how the reaction could be. A trade war between the two greatest economic powers could end up being very dangerous for all sides involved. This could only turn into a lose-lose situation. As mentioned by John Bozzella, president and chief executive of the Association of Global Automakers, representing international car companies and suppliers in the US, “no one wins in a trade war”.
The market’s opinion is split in the US, with some corporates, such as domestic metals producers, expecting benefits for the country’s economy after Mr Trump’s earlier announcement of tariffs on steel and aluminium imports, while most manufacturers relying on imported steel and aluminium to keep their expenses low warn that the tariffs would translate in limited investments to expand while part of the rising costs would pass to consumers.
Affinity Research LLP
Dry Cargo
Dry Cargo
Our dry bulk chartering teams in Sydney, Melbourne, Perth, Santiago, Lima, Singapore and London are cargo-focussed and they fix voyage, COA and time charter business on behalf of their clients with a wide range of ship owners.
Contact: David Oakley
[email protected]
+61 2 9937 8806
Finance
Finance
Affinity Financial Products Ltd is authorised by the FCA to provide advice and execution of regulated activities. We focus our efforts on asset-related transactions often structured as corporate share sales or mergers and acquisitions.
We work in partnership with investment banks providing specific, shipping-related advice.
Contact: Andrew Finn
[email protected]
+44(0)20 3142 0114
LNG
LNG
Our young and dynamic LNG team possess wide-ranging experience of spot and term charters working with all major LNG shipowners and charterers. The LNG team has close interaction with the Newbuilding and Sale & Purchase divisions with an unrivalled track record of contracting LNG newbuildings and in the sale and purchase of LNG assets.
We maintain up-to-date knowledge and an understanding of new technologies within the LNG sector to ensure that our clients can make the most suitable and cost-effective decisions on shipping solutions.
Contact: Joni Mackay
[email protected]
+44(0)20 3142 0133
Newbuilding
Newbuilding
Our Newbuilding team has concluded over 500 newbuildings of all types, including LNGCs, FSRUs, drillships, crude tankers, product tankers and dry cargo vessels. We have contracted in all major newbuilding centres globally, with particular focus on the Korean Shipyards.
Contact: Nick Wood
[email protected]
+44(0)20 3142 0111
Offshore
Offshore
Affinity Offshore is based out of our Oslo and Houston offices. The Team focuses on world-wide sale & purchase of offshore support vessels, as well as chartering – particularly in the Americas and Mediterranean/MENA regions.
Contact: Tor-Øyvind Bjørkli
[email protected]
+47 2109 8211
Research
Research
Our research department combines real time market information with econometric modelling and the latest technology.
Contact: Mark Williams
[email protected]
+44(0)20 3142 0185
S & P
S & P
Our Sale & Purchase team has extensive experience of working with private clients, national shipping companies, major corporates, oil companies, grain houses and institutional investors. We provide a cradle to grave services across all shipping sectors. We operate from London, Singapore and Seoul to give 24-hour coverage of the markets, working for both newbuilding and second-hand buyers.
Contact: Toby English
[email protected]
+44(0)20 3142 0123
Tankers
Tankers
Our established tanker chartering teams serve the industry from London, Houston and Santiago delivering a highly proficient spot chartering service with a prime position in the fuel oil market. The team has close relationships with oil majors, national oil companies, oil traders and major ship owners and operators.
Our ethos for operations and post-fixture is simple: these roles are as important to us as the chartering/commercial function, and we continue to apply those same principles of professional ship broking throughout the life of each fixture.
Contact: Tim Gurdon
[email protected]
+44(0)20 3142 0142
Valuations
Valuations
We provide transparent, objective ship valuation service to major owners, banks and other financial institutions at short notice and a daily basis. We provide a retainer service for regular fleet valuations.
Contact: Ben Pusey
[email protected]
+44(0)20 3142 0125
Dry Cargo
Our dry bulk chartering teams in Sydney, Melbourne, Perth, Santiago, Lima, Singapore and London are cargo-focussed and they fix voyage, COA and time charter business on behalf of their clients with a wide range of ship owners.
Contact: David Oakley
[email protected]
+61 2 9937 8806
Finance
Affinity Financial Products Ltd is authorised by the FCA to provide advice and execution of regulated activities. We focus our efforts on asset-related transactions often structured as corporate share sales or mergers and acquisitions.
We work in partnership with investment banks providing specific, shipping-related advice.
Contact: Andrew Finn
[email protected]
+44(0)20 3142 0114
LNG
Our young and dynamic LNG team possess wide-ranging experience of spot and term charters working with all major LNG shipowners and charterers. The LNG team has close interaction with the Newbuilding and Sale & Purchase divisions with an unrivalled track record of contracting LNG newbuildings and in the sale and purchase of LNG assets.
We maintain up-to-date knowledge and an understanding of new technologies within the LNG sector to ensure that our clients can make the most suitable and cost-effective decisions on shipping solutions.
Contact: Joni Mackay
[email protected]
+44(0)20 3142 0133
Newbuilding
Our Newbuilding team has concluded over 500 newbuildings of all types, including LNGCs, FSRUs, drillships, crude tankers, product tankers and dry cargo vessels. We have contracted in all major newbuilding centres globally, with particular focus on the Korean Shipyards.
Contact: Nick Wood
[email protected]
+44(0)20 3142 0111
Offshore
Affinity Offshore is based out of our Oslo and Houston offices. The Team focuses on world-wide sale & purchase of offshore support vessels, as well as chartering – particularly in the Americas and Mediterranean/MENA regions.
Contact: Tor-Øyvind Bjørkli
[email protected]
+47 2109 8211
Research
Our research department combines real time market information with econometric modelling and the latest technology.
Contact: Mark Williams
[email protected]
+44(0)20 3142 0185
S & P
Our Sale & Purchase team has extensive experience of working with private clients, national shipping companies, major corporates, oil companies, grain houses and institutional investors. We provide a cradle to grave services across all shipping sectors. We operate from London, Singapore and Seoul to give 24-hour coverage of the markets, working for both newbuilding and second-hand buyers.
Contact: Toby English
[email protected]
+44(0)20 3142 0123
Tankers
Our established tanker chartering teams serve the industry from London, Houston and Santiago delivering a highly proficient spot chartering service with a prime position in the fuel oil market. The team has close relationships with oil majors, national oil companies, oil traders and major ship owners and operators.
Our ethos for operations and post-fixture is simple: these roles are as important to us as the chartering/commercial function, and we continue to apply those same principles of professional ship broking throughout the life of each fixture.
Contact: Tim Gurdon
[email protected]
+44(0)20 3142 0142
Valuations
We provide transparent, objective ship valuation service to major owners, banks and other financial institutions at short notice and a daily basis. We provide a retainer service for regular fleet valuations.
Contact: Ben Pusey
[email protected]
+44(0)20 3142 0125
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Las Condes
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Las Condes
7550155 Santiago
Chile
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