Turbulence at Sea: A New Phase in International TradeBy Ion Jauregui – ActivTrades Analyst
The growing trade tension between China and the United States has once again shaken the foundations of global commerce. In April, container traffic between the two powers fell by 30% to 40%, according to data from Maersk (CPH:MAERSKb), one of the world’s largest logistics operators. This decline comes amid a new wave of tariffs imposed by the Trump administration, which China could counter with similar measures. Although the conflict has reignited fears of a global trade slowdown, some shipping companies have maintained their annual forecasts thanks to one unexpected factor: the chaos in the Red Sea.
Global Trade Under Question
Maersk, despite the collapse in transpacific routes, has not revised down its profit outlook for 2025. The reason: the logistical disruption in the Red Sea, caused by geopolitical tensions, has driven up maritime freight rates, partially offsetting the drop in volume.
Still, optimism is cautious. The company now expects global trade growth to range between -1% and +4%, a margin that reflects the current high level of uncertainty. Asia-Europe routes are also being affected, and many companies are already seeking alternative logistics — more expensive but safer.
Impact on Other Global Companies
The blow is not exclusive to Maersk. FedEx, DHL, and COSCO Shipping have also reported disruptions in their international operations. Manufacturers such as Apple, Tesla, and Boeing are facing delays and rising costs in their supply chains, particularly in key components coming from Asia.
Industrial giants like Caterpillar and Honeywell, heavily reliant on exports, have seen their margins shrink and growth forecasts revised downward. The retail sector — with giants such as Nike and Walmart — is also feeling the pressure: rising logistics costs, lower momentum in international sales, and difficulties in inventory management.
Market Reaction: S&P 500 and Nasdaq
The effects have quickly rippled through financial markets. The S&P 500, which includes major U.S. companies, has come under pressure from geopolitical and trade uncertainty. The industrial and consumer discretionary sectors are leading the declines, while interest in more defensive sectors is growing.
The Nasdaq 100, dominated by tech companies with global supply chains, is also showing signs of fatigue. Apple and Nvidia have corrected in recent sessions, driven by concerns over potential retaliation from Beijing and delays in critical components. Semiconductor companies like Qualcomm and AMD could also suffer if China restricts access to critical raw materials or imposes new trade barriers.
Technical Analysis: S&P 500
The current chart formation reflects the drop that followed the imposition of tariffs, followed by a partial recovery to the 5,670-point area — slightly above the current point of control. The index is currently at the upper end of a range in which it has fluctuated several times. The RSI is slightly overbought, and the next upward target could be a return to all-time highs if it breaks the 5,900-point barrier. Moving averages appear to be converging toward a possible bullish directional shift.
Outlook
As 2025 progresses, investors are facing an extremely uncertain environment. The possibility of an escalation in the trade war, combined with ongoing logistical disruptions, could cap global growth and squeeze corporate earnings. All of this comes at a time when GDP growth in the U.S. and China was already showing signs of slowing: the former affected by persistent inflation, and the latter by weak domestic demand and a 21% drop in exports to the U.S.
In short, international trade stands at a crossroads. If the situation does not improve in the coming months, we may witness a major restructuring of global supply chains and a shift of capital toward safer assets.
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