THE KIDS went back to school in WA this week, just in time for some of us to recover from the huge night that was the W.A. International Trade Ball. I’m still finding random false eyelashes in the bathroom and wincing at the fun-but-questionable photos doing the rounds (you know the ones). While some were nursing sore heads, it was a big week on the trade front.
This week the U.S. struck new deals with Japan, Indonesia, and the Philippines ahead of Trump’s August 1 tariff deadline. Japan will cut auto tariffs and invest $550B in the U.S., while the Philippines and Indonesia secured reduced tariffs on their exports. Meanwhile, Australia has lifted its restrictions on U.S. beef, one of the sticking points behind earlier U.S. tariffs. I made burgers for dinner in honour of the news.
With peak season approaching, freight rates from Asia to Australia are on the rise, with some spot quotes jumping by hundreds. Carriers are rolling out rate hikes, surcharges, and local charge increases, while growing import volumes and weather-related delays are already disrupting schedules, setting the stage for an interesting few months ahead.
Vessels began arriving at Fremantle early in the week as weather cleared, before conditions turned again midweek, minus the wind. Storms hit both Fremantle and Brisbane on Wednesday night, briefly halting operations.
On the global front, Singapore has climbed to second place on the port congestion watch list, while Shanghai/Ningbo held steady in the top spot. Main ports in Europe also continue to experience pressure, with delays and bottlenecks persisting across key gateways.
What else has been happening?
There’s plenty more going on, of course, and while I started this weekly wrap to avoid flooding your LinkedIn feed, some updates are just too interesting not to share. 😆
For those heading to the Care-Factor Ball tonight, have an amazing evening!
Enjoy your weekend, and this throwback to the ONE Commitment in Fremantle!