Hong Kong’s port could get a much-needed boost from the China-US phase one deal
The port of Hong Kong used to be the world’s busiest and as a result of the phase one trade deal between the economic giants the U.S. and China being signed, the port could get a boost, according to the managing director of Modern Terminals.
The tension created by the trade war between China and the U.S. in the last two years has made a negative impact on a lot of businesses, especially for the port business, said Peter Levesque of Modern Terminals which is the second largest container terminal operator in Hong Kong. He also stated that he expects both sides to move forward with this initial deal.
“It’s almost impossible to put a game plan together when the goal post is moving almost daily,” Levesque told CNBC’s “Squawk Box” on Wednesday. “So we hope that through phase one agreement that we’ll be able to get a lot more certainty around what the future looks like. We’ll be able to plan better and we’ll be able to bring more volume back to Hong Kong.”
(Image source: Geovien So | SOPA Images | LightRocket | Getty Images)