List of New Tariff Rates announced by US President Trump on April 2nd, 2025
Country	Tariff %age
Algeria	30
Bangladesh	37
Cambodia	49
China	34
Cote d’lvoire	21
Europe Union	20
Fiji	32
Guyana	38
India	27
Indonesia	32
Japan	24
Jordan	20
Laos	48
Lesotho	50
Lichtenstein	37
Madagascar	47
Malaysia	24
Mauritius	40
Myanmar (Burma)	44
Nambia	21
North Macedonia	33
Norway	15
Pakistan	29
Serbia	37
South Africa	30
South Korea	25
Sri Lanka	44
Vietnam	46
Thailand	36

Among the few points of agreement between Donald Trump and his detractors is that the first 73 days of his second term have changed the world. In February and March he inflicted what may prove to be fatal blows against the Western alliance that has protected much of the developed world for nearly 80 years. Yesterday “Liberation Day”,

as Mr Trump sees it—he made an unprovoked attack on global trade. In our opinion, it was “Ruination Day”. This is “the most profound, harmful and unnecessary economic error in the modern era” and how other countries can lessen the damage.

Everyone knew tariffs were coming and everyone was left stunned by them all the same. US President Donald Trump’s announcements of the punishing levies ripped through markets and left governments around the world searching for answers. Stocks and the dollar dropped, bonds and gold jumped. Haven assets surged and weaker

markets floundered. The biggest loser? The US itself, where stock futures tumbled more than 4%. China and the European Union said they would retaliate — largely ignoring Treasury Secretary

Scott Bessent’s plea to take a beat and let negotiations take their course.

The moves, combined with Trump’s previous import taxes on autos, Canada, Mexico and China, will push the average effective US tariff rate to 23%, from 2.3% in 2024, according to Bloomberg Economics. That’s more than the 1930 Smoot-Hawley tariffs that many economists say worsened the Great Depression, and the highest average US tariff rate in more than a century.

The economic impact will take longer to play out, but it looks certain to be especially painful for the world’s poorest nations. And it does

seem like a worst-case scenario for China, where Trump’s move brings average US tariffs on the exports that fuel the economy to at least 65%, when counting pre-existing duties, according to banks including Morgan Stanley. The drag on GDP may be 2.4 percentage points just this year, according to Citigroup. Still, there are powerful market voices that see

a chance of Chinese equities weathering the storm and turning into an investment opportunity.

There is Bloodbath on the Bond Markets globally.

There was a Universal Tariff of 10% on US Imports from all countries. A reciprocal tariff on about 60 worst offenders (India being one) with whom the US has large trade deficits. US imports more from them that it exports.

These duties will be in addition to the existing one’s.

US Tariff on Liberation Day could touch Highest Postwar Rate. What applies to Exports from India that are in Transit before Liberation Day?

President Trump’s mindless tariffs will cause economic havoc, but the rest of the world can limit the damage. The America’s trade policies seem like back to the 19^th century. As Trump’s trade war heats up, China is surprisingly confident.

Global financial markets reacted big time as well, while US futures plunged on concerns a full-blown trade war may send the US economy into a recession. Haven assets jumped with gold, again, hitting a record.

The difference between exports and imports doesn’t necessarily reflect trade barriers; Americans may simply want to buy more stuff from, say, Japan than the Japanese want to buy from the United States.

Global financial markets experienced a sweeping selloff after

Trump slapped tariffs on all exporters to the US, with rates ranging from 10% to 50%. From friend to foe, the US president showed little mercy.

Here’s a full list by country and region: the European Union faces a 20% levy and the UK 10%.

This chart shows the levies on some of America’s biggest trading partners. (The new fees exclude Canada and Mexico, which already face separate tariffs.)

Practically speaking, the chart shows that Americans will now pay mor for goods from other countries. If companies pass the tariffs on t consumers — and they almost always do — a $20 pack of beer from Germany will cost $24. A $100 bike from China will cost around $130.

A $400 video game console from Japan will cost nearly $500.

The levies are in addition to past tolls, such as those Trump placed o China. They exempt some goods, including some forms of energy pharmaceuticals and things that Trump had already tariffed, particularl cars, steel and aluminium. Overall, though, they amount to a huge ta on some of America’s biggest trading partners.

China and Europe vowed to retaliate and the global economy showe signs of distress.

China’s government said it would take countermeasures to “safeguar its own rights and interests.” Its options could include more tariffs restrictions on U.S. investment in China or export controls on rare eart minerals.

In Brussels, Ursula von der Leyen, the European Commission president held a news conference just after 5 a.m. and said the bloc was ready t respond. “If you take on one of us, you take on all of us,” she said.

Markets in Asia and Europe dropped.

Yesterday was “not Liberation Day, but Inflation Day”.

Vietnam trumps DOGE with ‘urgent’ state restructuring. Communis Party leader to Lam slashes bureaucracy in quest to boost economi growth.

Shipbuilding Orders on the Rise: Newbuilding ordering activity ha been on the rise over the past week with five orders placed in tanker containership, gas, offshore and cruise ship sectors. In the wet segmen CMB Tech (Belgian group) ordered 6 x 26,000tdw ammonia fuelle oil/chemical tankers at Chinese shipyard with expected delivery in 2028 2029. Container section saw order from Jiangsu Lvhang Logistics for 1138 TEU LNG-fuelled vessel, with option for additional five units deliveries are expected between 2026-2027.

The Gas carrier market saw Singapore based SFI Energy contract wit Huangpu Wenchong Shipyard, for construction of two 20,000 cbm LNG fuelled units, with option for two more, priced at $90 million per vessel deliveries set for 2027-2028.

Cosco Group ordered a semi-submersible heavy lift carrier of 70,000tdw due for delivery 2027. In Europe TUI Cruises signed with Fincantieri fo construction of a pair of cruise ships, at $1.08 billion per vessel, deliver within 2030-32.

In the Bulkcarrier sector Cape Unity 180,180 tdw built 2007 Imabari wit SS due Nov’27 and DD due Nov’25 sold to Chinese at high $22 mio Arabella 177,000tdw blt 2005 Namura SS due Sep’25 and DD du Feb’26   was   sold   at   $18   mio.   For   comparison   Cape   Friendshi 185,879tdw built 2005 Kawasaki was sold at $16 mio in January’25. I the   Panamax   segment,  Mid-East   Buyers   purchased  the   Graeci Universalis 73,900tdw built 2005 Namura (SS and DD due Apr’25) sol at mid $ 8 mio.

Far East Buyers were behind sale of Teleri M 56,300tdw 2013 Japan built with SS and DD due Oct’25 at $16 mio. Fortune Wing 55,560tdw

blt 2011 Mitsui SS and DD Jan’26 was reported sold at $16 mio t Indonesians.

For comparison JASMINE 56,124tdw 2012 Mitsui built was sold a

$17.50. IZANAGI HARMONY 37,105 tdw 2021 Saiki built SS and DD Jan’26 sold at $24.50.

In the tanker sector VLCC DHT PEONY 320,000tdw 2011 at Bahai SS DD APR’26 sold to Chinese at $55 mio. Chinese were also behin MACEO 319,250tdw 2005 at Hyundai reported sold at $40 mio CHEMTRANS POLARIS  72,291tdw 2005 at Hudong reported sold a

$11.50. Chinese were behind SONGA WINDS 19,900tdw 2009 a Fukuoka SS June’29 and DD July’27 sold at $20 mio.

Trump tariffs may push down Japan’s economic growth by up to about 2%. The Presidents substantially higher tariffs, including those on all car imports, are set to slow export-oriented Japan’s annual economic expansion by up to around 2% in the coming years.

Concern’s are mounting that Asia’s second biggest economy, which has already been sluggish due in part to sharp inflation, could slip into recession if a downturn in exports stemming from the US tariff hikes weighs on corporate performance and hinders wage growth. The US tariffs could push down Japan’s GDP by over 0.7% over roughly a year,

urging vigilance against a possible recession. Daiwa Institute of Research the tariffs can be projected to drag down Japan’s inflation-adjusted GDP by about 1.8% in 2029, the year Trump is scheduled to leave the White House.

Trump, who started his non-consecutive second term on Jan. 20, imposed 25 percent tariffs on all steel and aluminium imports in March and began applying an additional 25 percent levy on all automobiles produced outside the United States. On Wednesday, Trump said he will slap a minimum 10 percent reciprocal tariff on all exports to the United States and further duties on Japan, home to Toyota Motor Corp and Honda Motor Co, and other selected countries, which face higher rates. Trump’s car tariffs would have a particularly huge impact on Japan, as the auto industry, its core business, has been a major driver of the broader economy. The United States remains the top market for Japan’s carmakers working with many subcontractor at home. More than 1.3 million vehicles were shipped to the United States in 2024 NATO Without America

How Europe Can Run an Alliance Designed for U.S. Control

• During its 76-year history, the North Atlantic Treaty Organization has faced its share of crises, but none have been as grave as what it confronts today. Since returning to office, U.S. President Donald Trump has questioned the two core principles of the alliance’s collective defense commitment: that there is a shared understanding of the threats to NATO members and that security among all those members is indivisible. The United States sided with Russia and against every other NATO member in February when it opposed a United Nations resolution condemning Russia’s invasion of Ukraine.

The Brewing Transatlantic Tech War

How Silicon Valley Got Entangled in Geopolitics—and Lost

Technology companies such as Alphabet, Meta, and OpenAI need to wake up to an unpleasant reality. By getting close to U.S. President Donald Trump, the risk losing access to one of their biggest markets: Europe.

Just a decade ago, these companies believed that information technology would limit the power of governments and liberalize the world. But then, as globalization withered and the U.S. confrontation with China took hold, they tried to take advantage of growing geopolitical divides, enlisting on

Washington’s side in the new technological cold war. Now, the new Trump administration appears less enthusiastic about fighting China than it is about subjugating U.S. allies in the European Union and elsewhere. U.S. tech companies extract billions of dollars in profits from European markets.

Although many of these tech companies would love to take the EU regulatory state down a peg, they don’t want to get caught in the crossfire of an all-out EU-U.S. tech war.

• Oil Prices Tumble on Trump’s Tariffs and OPEC+ Production Hike. Oil prices experienced a sharp decline
• Stocks futures point to another tough trading day. Donald Trump says he’s willing to cut a deal on trade. And a shocked CEO swears on the conference call as his stock plunged on the tariff news.
• European and US equity futures fell alongside Asian stocks after the S&P 500’s worst day in years. Global junk bonds weakened the most since March 2020. The selloff sets a volatile backdrop for today’s US jobs report and a speech by Federal Reserve Chair Jerome Powell.
• The threat of a global trade war is set to tip the balance at

the Bank of England toward more interest-rate cuts, with some economists predicting three reductions in 2025. Polish central bank Governor Adam Glapinski said policymakers may soon cut borrowing costs after adopting a “dovish” stance.

• Denmark’s top diplomats stood up to Trump over his encroachment on Greenland, effectively ending a policy of quiet

diplomacy. Prime Minister Mette Frederiksen issued a sharp rebuke directly to the US, saying the campaign to take over the island is challenging the world order.

·        Judge Blocks H.H.S. from Terminating $11 Billion in Public Health Grants. A coalition of States sued over the Trump administrations’s unexpected move to cut off the funds, which they said imperiled everything from childhood vaccination programs to opioid addiction treatment.

• Israel Hits Syria with new Strikes and ground raid as Tensions Soar.
• Amid widespread economic fears and market shock, the manoeuvering against President Donald Trump’s tariffs gained steam as the US leader said he was open to reducing his tariffs if other nations were able to offer something “phenomenal.” Trump indicated he had been in conversations with foreign governments and business leaders seeking tariff relief.

In Asia Friday, Japanese Prime Minister Shigeru Ishiba called

the tariffs a “national crisis” ahead of a rare meeting with opposition leaders to discuss a unified response amid market

turmoil. Vietnam sent a diplomatic note to ask the Trump administration to put on hold its planned 46% tariff on imported Vietnamese goods and engage in further negotiations. Indonesia pledged to ease trade rules as it seeks to negotiate on the planned 32% tariff on its products. India is looking to soothe the frayed nerves of its exporters while simultaneously speeding up trade talks with the US. Meanwhile, Malaysian manufacturers are seeking internal support instead, perhaps realizing the futility of trying to influence the White House.

• Schooled by Trump, Americans are learning to dislike their allies. The polling shown above shows that Americans’ and Europeans’ attitudes towards each other are changing quickly.

Tehran threatens missile strikes after Trump issues a nuclear ultimatum and deploys B-2 bombers.

As U.S. President Donald Trump gives Iran a two-month ultimatum regarding its nuclear program and moves heavy stealth bombers into position to warn Tehran about the consequences of failing to reach a deal, it has increased its threats to fire missiles in response.

Trump issued a stark warning to Tehran during an NBC News interview on March 30, saying, “If they don’t make a deal, there will be a bombing.”

Iranian President Masoud Pezeshkian responded the same day, saying, “Direct negotiations have been rejected, but Iran has always been involved in indirect negotiations, and now too,” while confirming that Supreme Leader Ayatollah Ali Khamenei is allowing indirect contacts.

• Both sides file claims in North Sea collision case : Legal proceeding are set to unfold in the aftermath of last month’s North Sea collision

between the containership Solong and the product tanker Stena Immaculate, with owners filing claims against each other. Court records indicate that Solong‘s owner, Ernst Russ from Germany, filed a legal claim at the Admiralty Court on Thursday against “the Owners

Baltic Shipping News : 3rd April, 2025

CAPESIZE

Yesterday saw a flurry of C5 fixtures, tightening the Pacific tonnage list. Today, solid cargo volumes continued to surface, with two miners active in the market. As a result, C5 rates edged up slightly, with reports of

$9.25-$9.30 being fixed on an older vessel, followed by $9.40 and $9.50. This activity pushed the C5 index up by 0.115 to $9.350. Meanwhile, activity from South Brazil and West Africa to China remains relatively limited. The C3 index experienced a slight dip of 0.275 to $22.175. In the North Atlantic, there has been an uptick in activity, although reports of a few significantly weaker trans-Atlantic fixtures have caused the C8 index to drop by $1,929. Overall sentiment in the Atlantic is somewhat bearish, leading to an $815 drop in the BCI 5TC, which settled at $19,383.

Atlantic

Rogesa fixed Millie (180,311 2009) for 180,000/10 Seven Islands to Rotterdam end April $7.75. Mercuria is reported to have fixed yesterday a TBN for 180,000/10 Nouadhibou to Qingdao 21/30 April at $22.75.

Asia

Rio Tinto fixed 2xTBNs for 170,000/10 Dampier to Qingdao 18/20 April at

$9.25 and $9.30, FMG was reported to have fixed a 2xTBNs for 160,000/10 Port Hedland to Qingdao 15/16 April at $9.50 and 16/17 April at $9.40, lacking further details.

PANAMAX

A correction of $288 to publish at $13,176 saw some nervousness creep into the Panamax market. The Atlantic routes came under further

pressure, in the North as a lack of mineral demand continued to drive down rates both for trans-Atlantic and for the fronthaul trips. Likewise, from the South, with uncorroborated rumours of 5 ships or so failing on subjects yesterday/overnight, consequently pressure began to build for the end April arrival window as tonnage struggled to locate any meaningful bids. Asia saw a correction of its own as activity ex Australia and Indonesia eased back somewhat, and with South America cooling off, options became a little limited for those with SE Asia positions. Period news included reports of the RGL First (82,215 2017) Caofeidian 5/6 Apri reported fixed basis 1 year at $15,500, but charterer’s details remained elusive.

Atlantic

The CL Beijing (81 2013) Ijmuiden 3 April was heard placed on subjects but little else came to light. Cosco TBN tonnage was heard fixed for a 60,000/10 bauxite stem loading ex Port Kamsar to China at $30.00 basis 18/24 April laycan. Panocean secured tonnage for their trip via EC/NC South America 20 April/onwards for a trip redelivery Singapore/Japan but little else came to light.

Asia

In the North, Messrs Reachy were linked to the Pan Ceres (82,158 2013) Rizhao 7 April for a NoPac round trip at $15,000, whilst ex Australia a host of fixtures emerged including the scrubber fitted Kydonia (92,828 2012) South Korea 4/7 April fixed for a trip via EC Australia redelivery South Korea ay $14,000 with HMM, whilst the BTG Denali (81,084 2015) Hong Kong 3/5 Apil fixed for an EC Australian round trip at $15,500 with Panocean, whilst Richland were mentioned against the Yangze 15 (81,800 2019) CJK 6/8 April for an EC Australia round trip at 15,500.

SUPRAMAX

Another rather slow day in the Atlantic, although positive sentiment seemed to be waning from the North Atlantic, whilst from the South some saw better levels being acquired for fronthaul requirements from EC South America although the trans Atlantic runs remained rather flat. From the Continent-Mediterranean, there was more resistance from owners to backhaul requirements which put upward pressure on rates. From Asia,

another poor day overall although some spoke positional opportunities for India direction. Having sad that generally limited fresh enquiry entered into play. The 11TC average closed down $62 to finish the day at

$12,303.

Atlantic

The Mea Mare (64,035 2024)was heard fixed basis delivery Recalada 22/26 April for a trip SE Asia at $14,500 plus $450,000 ballast bonus, but further details remained under wraps.

Asia

The Star Stockholm (63,500 2016) open Chittagong was heard to have been placed on subjects for a trip redelivery WC India in excess of

$12,000 but no more details came to light. The Marmar S (57,195 2012) Puttalam 8 April fixed was heard fixed for a trip via Indonesia redelivery India, again no more details surfaced. The Star Crimson (61,150 2016) Qinzhou 5 April was heard fixed for a trip via Indonesia redelivery WC India $16,000.

HANDYSIZE

With soft sentiment continued to prevail across both basins, BHSI settled at 613 while the 7TC average dropped by $28, closing the day at

$11,038. In the Continent and Mediterranean, market fundamentals remains soft and levels are slightly below last done. On the other hand, the South Atlantic and U.S. Gulf markets also stayed slow, showing very little movement which is putting further pressure on the rates. Asia has experienced generally a flat day with numbers had remained steady for now. The Tabit (40,004 2024) reported been placed on subjects for delivery Kwinana 13 April redelivery China with spodumene $16,000 by Oldendorff, but further details were not disclosed.

Baltic Daily Fixture List – April 03, 2025

BALTIC INDICES 03/04/2025

DRY        INDEX:    1540 (-   43)

CAPESIZE   INDEX:    2337 (-   98)

PANAMAX    INDEX:    1464 (-   32)

SUPRAMAX   INDEX:     973 (-    5)

HANDYSIZE INDEX:      613 (-    2)

BCI   TC AVG $/DAY 19383 (- 815) BPI82 TC AVG $/DAY 13176 (- 288) BSI   TC AVG $/DAY 12303 (-    62) BHSI TC AVG $/DAY 11038 (-    28)

PERIOD

‘RGL First’ 2017 82215 dwt dely Caofeidian 5/6 Apr 1 year redel worldwide $15,500 – cnr

TIMECHARTER

‘Kydonia’ 2012 92828 dwt dely S Korea 4/7 Apr trip via EC Australia redel SKorea $14,000 – HMM

‘Pomone’ 2021 82212 dwt dely aps EC South America 9/10 Apr trip redel

Singapore-Japan $15,500 + $550,000 bb – Raffles – <Details incorrect/deal failed>

‘Pan Ceres’ 2013 82158 dwt dely Rizhao 7 Apr trip via NoPac redel Singapore-Japan $15,000 – Reachy

‘Yangze 15’ 2019 82014 dwt dely CJK 6/8 Apr trip via EC Australia redel Singapore-Japan $15,500 – Richland

‘Tai Kudos’ 2017 82008 dwt dely Dalian 11 Apr trip via NoPac redel Singapore-Japan $16,000 – Reachy

‘Xin Hai Tong 803’ 2012 81911 dwt dely Zhoushan 5/10 Apr trip via CIS Pacific redel India $14,000 – cnr

‘BTG Denali’ 2015 81084 dwt dely Hong Kong 3/5 Apr trip via EC Australia redel China $15,500 – Panocean

‘Agri Kinsale’ 2009 77171 dwt dely Nansha 9 Apr trip via Indonesia redel India $13,750 – cnr

‘Jahan Brothers I ‘ 2010 58470 dwt dely Dongfang prompt trip via Indonesia redel China $9,250 – Jade Alliance

‘Princess Bao’ 2003 50337 dwt dely Kandla prompt trip redel China with salt $6,000 – Multimax DMCC

VOYAGE: ORE

‘Millie’ 180000/10 Seven Islands/Rotterdam 20/29 Apr $7.75 fio 60000shinc/25000shinc – Rogesa – <2/4 fixture>

‘TBN’ 170000/10 Dampier/Qingdao 18/20 Apr $9.25 fio 90000shinc/30000shinc – RioTinto

‘TBN’ 170000/10 Dampier/Qingdao 18/20 Apr $9.30 fio 90000shinc/30000shinc – RioTinto

‘TBN’ 160000/10 Port Hedland/Qingdao 15/16 Apr $9.50 fio 80000shinc/30000shinc – FMG

‘TBN’ 160000/10 Port Hedland/Qingdao 16/17 Apr $9.40 fio 80000shinc/30000shinc – FMG

‘TBN’ 180000/10 Nouadibou/Qingdao 21/30 Apr $22.75 fio 30000shinc/30000shinc -Mercuria – <2/4 fixture>

Baltic Exchange Supramax Asia Index – 04 April 2025

Route Description Value($) Change

===================================== =======

S2_63 N.China one Austr or Pac RV      12,200   -181 S8_63 S.China via Indonesia/Ec India   13,817   + 4 S10_63 S.China via Indo/S.China        10,543    -210

====== =============================== =======

S3TC   Weighted Time Charter Average    12,188   -136 Baltic Exchange Panamax 82 Asia Index – 04 April 2025

Route   Description Size (MT)       Value($) Change

=====    ====================================

P5_82   S.China one Indo RV         13,363   -309

(c) Baltic Exchange Information Services Ltd 2025

The Author

Bansi Jaising

All Rights Reserved “Disclaimer”

The reported fixtures and Sale and Purchase deals are obtained from market sources.

All information supplied in this report is supplied in good faith, I do not accept responsibility for any errors and omissions arising from this report and cannot be held responsible for any action taken, or losses incurred, as a result of the details in this report.

Any reproduction has to be with written consent from the copywriter. You may view or otherwise use the information, prices, indices,

assessments and other related information, graphs, tables, images in this

report only for your personal use if you are an authorised user for internal use only and not for sale.

Data in this publication, includes independent and verifiable data collected from market participants. I do not guarantee the adequacy, accuracy, timeliness and/or completeness of the Data or any component thereof or any communication (whether written, oral, electronic or in other format), and shall not be subject to any damages or liability, including but not limited to any indirect, special, incidental, punitive or consequential damages (including but not limited to, loss of profits, trading losses and loss of goodwill).