US-China tensions amplify global trade shifts, says shipping CEO

Nixon: Many companies in the United States are looking to reduce the amount of imports they have got coming from China. — Bloomberg

SINGAPORE: Political tensions between the United States and China are contributing to lower container shipments between the world’s two largest economies, on top of an already-underway reshaping of global trade, according to a major shipping industry boss.

“We are seeing a deleveraging of trade between the United States and China,” Jeremy Nixon, chief executive officer of Ocean Network Express, said at the Capital Link Singapore maritime forum.