Danish shipping company Maersk said today it has benefited from robust US demand so far this year and expects that to continue, though the outlook could be clouded by US President Donald Trump’s tariff plans.
Maersk’s regular global market outlook was published before Trump is expected to announce fresh tariffs later tonight against nations that have duties on US goods.
“US growth is (the) main scenario, but volatile geopolitics cloud economic visibility,” the company said.
Trump’s new tariff plans have put the shipping industry on edge as it contemplates the possibility of suppressed transport demand in a brewing trade war.
Maersk, one of the world’s largest container shipping groups, cautioned that the looming US tariffs could curb global trade flows despite the robust start to 2025.
The company said it was monitoring early indicators of what could be slowing momentum in global supply chains.
“With regard to tariffs, the situation remains unpredictable,” Maersk said, adding that February data showed a continuing expansion of US inventory levels.
Ongoing and potential tariffs are causing shifts in inventory strategies, with some businesses accelerating imports and securing additional storage space, it added.
The company highlighted declining US consumer confidence over four consecutive months as a specific concern.
“Consumers reacting to perceived risks and financial uncertainty can ultimately lead to cautious spending, which in turn can bring further ripple effects,” it said, referring to US influence on the global economy.
The company’s data showed that China’s share of global container exports increased to an estimated 36% in 2024 from 32% in 2019.
