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CMA CGM Iron - side view

Rodolphe Saade, Chief Executive Officer of CMA CGM SA, the world’s third-largest container carrier, hailed a truce in the trade war between Washington and Beijing.

“For CMA CGM, it’s good news,” Saade said during a hearing in the French Senate on Monday. “We’ve lost 50% of our volumes toward the US since the start of this crisis.” 

The French shipping giant and rivals such as A.P. Moller-Maersk A/S are among companies that have been hit by President Donald Trump’s protectionist shift. 

The world’s two largest economies agreed on Monday to temporarily lower tariffs and de-escalate the trade war. The three-month lowering of import duties will give the countries time to negotiate a broader agreement on trade.

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