5 big analyst AI moves: Apple lifted to Buy, AI chip bets reassessed
Investing.com-- Chinese shipping and maritime stocks fell on Wednesday as investors reacted to the latest escalation in the U.S.-China trade dispute, after both countries imposed new reciprocal port fees on vessels linked to each other’s fleets.
Shanghai-listed shares of COSCO Shipping Holdings Co Ltd (SS:601919), China’s largest container carrier, dropped 1.5% on Tuesday.
China Merchants Energy Shipping (SS:601872) shares plunged more than 5%, while Hong Kong-listed Orient Overseas International (HK:0316), a COSCO subsidiary that operates major trans-Pacific routes, lost 1.4%.
SITC International Holdings (HK:1308), another regional container shipper, declined 3%.
The weakness came after the US and China started charging new port fees on each other’s ships, starting Tuesday.
The tit-for-tat move added to renewed tensions between the world’s two largest economies, already strained by President Donald Trump’s threats of additional 100% tariffs and remarks about ending trade ties in certain commodity sectors.