Bimco warns on growth in protectionism

Shipowner group Bimco has warned that the rise in protectionist policies potentially posed a “huge threat” to shipping. Bimco observed in a just-released macroeconomic report that, with the inauguration of President Trump, the US had

joined a growing number of countries where leaders or potential leaders were advocating inward-looking policies meant to protect jobs at home.

“The protectionist measures avowed by Donald Trump may become a huge issue for the shipping industry across all segments, as they could affect demand and represent a significant backlash against globalization,” the report said.

Referring to the EU and the UK’s intention to leave, the report said that the EU needed to focus on “decreasing the economic, political, and institutional uncertainty and the likely reduction in trade between the EU and the UK.”

Bimco concluded with a depressing prognosis. “If the growth and embracing of protectionist policies throughout 2017 becomes a reality, it may pose a huge threat to the shipping industry and could disrupt trade flows and limit economic growth,” it said.