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China has quietly exempted about a quarter of US imports from tariffs to ease the impact of the trade war on its economy, Bloomberg reported last Friday. The list of 131 exempt items is worth about USD 40 bn — almost 24% of Chinese imports from the US in 2024. The list is not officially confirmed, but sources familiar with the matter report that multiple companies in China have imported goods on the list tariff-free, which includes pharma and industrial chemicals such as Ethane.
The rationale: The move could be seen as a de-escalation step mirroring the US’ temporaryexemption on electronics last month. Others believe the move is more about China’s economy. “China is likely trying to mitigate damage to its economy by avoiding a collapse in key imports…the exemptions shouldn’t be interpreted as a signal to the US, as China has been quiet about its exemptions, working through business channels and avoiding public statements,” associate director of the RAND China Research Center Gerard DiPippo said.
German shipping giant Hapag-Lloyd saw its revenues rise to USD 5.3 bn (EUR 5.1 bn) in 1Q 2025, a 15.2% y-o-y increase, based on our own calculations, according to preliminary financial results (pdf) released last week. On the operational front, Hapag-Lloyd saw a 9% y-o-y boost in its transport volumes to 3.3 mn TEUs and a 9% increase in average freight rate to USD 1.5k per TEU during the same time period.
Geopolitics + trade uncertainty cast their shadow for 2025: The firm predicts lower performance across 2025, citing “many uncertainties” in the market environment, CEO Rolf Habben Jansen said. “Volatile development of freight rates and major geopolitical challenges,” such as turmoil in the Red Sea route and the ensuing global trade war were cited as the main drivers for this uncertainty.
Freight forwarding giant DHL posted a 6.2% y-o-y increase in its consolidated net income to EUR 786 mn in 1Q 2025, according to its financial results (pdf) released last week. The firm’s topline also increased 2.8% y-o-y to reach EUR 20.8 bn. The boost in DHL’s earnings comes on the heels of its cost and yield management as they “continue to invest in high-growth business areas while working on structurally improving our efficiency,” CEO DHL Group Tobias Meyer said in a press release (pdf) released last week.
