Vehicles are drive into a CMA CGM SA roll-on/roll-off cargo ship at a port in Ulsan, South Korea. (SeongJoon Cho/Bloomberg News)
Rodolphe Saade, CEO of CMA CGM SA, hailed a truce in the trade war between Washington and Beijing.
“For CMA CGM, it’s good news,” Saade said during a hearing in the French Senate on May 12. “We’ve lost 50% of our volumes toward the U.S. since the start of this crisis.”
The French shipping giant and rivals such as A.P. Moller-Maersk A/S are among companies that have been hit by President Donald Trump’s protectionist shift.
Saade
The world’s two largest economies agreed on May 12 to temporarily lower tariffs and de-escalate the trade war. The three-month lowering of import duties will give the countries time to negotiate a broader agreement on trade.
CMA CGM ranks No. 7 on the Transport Topics Top 100 list of the world’s largest global freight companies. Maersk is No. 6 on the same list.
