logo
Global transport industry sees big shifts from rise of trade protectionism

Global transport industry sees big shifts from rise of trade protectionism

Hans India24-05-2025
Seoul: Intensifying trade uncertainties, including tariff wars, have a great impact on the global transport industry, which has no choice but to "adapt" to the changed situation, the chief of the inter-organisational transport body said.
"(The global trade war) has an impact on what kind of goods we transport, causing big shifts in items transported from one country to another," said Kim Young-tae, Secretary General of the International Transport Forum (ITF), in a group media interview at the 2025 ITF Summit in the eastern German city of Leipzig.
"We have no choice but to adapt to different situations in the global environment as we are transporting goods and people," Kim said, explaining that tariffs affect the supply and demand of goods for trade, such as automobiles, reports Yonhap news agency.
Kim said geopolitical tensions can also disrupt and restructure maritime trade routes, referring to years-long tensions in the Red Sea, one of the world's most vital waterways in the Middle East.
The Donald Trump administration slapped hefty "reciprocal" tariffs on its trading partners, including 25 percent duties for South Korea, in early April, only to pause them for 90 days. Washington has also imposed sectoral tariffs, including 25 percent levies on all steel and automobile imports.
According to a report from global maritime consultancy Drewry, these U.S. trade policies are forecast to lead to a 1 percent drop in global container shipping volume in 2025.
"We are attentively monitoring the situation ... and taking into account the trade and climate change issues to make projections on the growth of the transport industry," he added.
The annual ITF summit was set to wrap up its three-day run Friday after global transport leaders from more than 80 countries across the world, including South Korea and the Unites States, gathered to discuss measures to boost transport resilience to global shocks.
In the summit, South Korean Transport Minister Park Sang-woo shared South Korea's efforts to promote the use of public transportation and the transition to electric vehicles (EVs) for reducing carbon emissions, according to Park's office.
Asked about how the private transport sector can incorporate AI into their businesses amid differences by country in terms of standards on "safe" and "responsible" use of the technology, Kim said the ITF's policy recommendation may serve as a guideline on the international community's direction on the matter.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tour de France 2025 winner Stage 21 standings final results: Tadej Pogacar crowned 4th time for Yellow Jersey
Tour de France 2025 winner Stage 21 standings final results: Tadej Pogacar crowned 4th time for Yellow Jersey

Time of India

timean hour ago

  • Time of India

Tour de France 2025 winner Stage 21 standings final results: Tadej Pogacar crowned 4th time for Yellow Jersey

Tadej Pogacar on Sunday won Tour de France 2025 in rainy Paris finale. Slovenian rider Pogačar bagged the Tour de France for the fourth time. Pogacar has won the iconic Yellow Jersey. Wout van Aert claimed victory in Stage 21, crossing the finish line first in a dramatic conclusion to the race. However, due to heavy rainfall and safety concerns on the cobbled Montmartre route, organizers neutralized the race timing with about 50 kilometers remaining. As a result, while van Aert's stage win stands, the overall general classification standings were locked in before the final laps—a decision that confirmed Tadej Pogačar as the winner of his fourth Tour de France title. Explore courses from Top Institutes in Please select course: Select a Course Category Data Science Others MBA Public Policy Healthcare MCA Project Management healthcare Design Thinking PGDM Data Science Digital Marketing Operations Management Product Management Technology Cybersecurity Leadership Degree CXO Management Data Analytics Finance Artificial Intelligence others Skills you'll gain: Duration: 11 Months IIT Madras CERT-IITM Advanced Cert Prog in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK DABS India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Postgraduate Cert in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Prof Cert in DS & BA with GenAI India Starts on undefined Get Details Skills you'll gain: Duration: 30 Weeks IIM Kozhikode SEPO - IIMK-AI for Senior Executives India Starts on undefined Get Details Tour de France 2025 Stage 21 covered 132.3 km from Mantes‑la‑Ville to Paris, featuring three tricky ascents of the Côte de la Butte Montmartre, each 1.1 km long with an average gradient of 5.9 per cent and cobblestone sections nestled among narrow streets. These climbs intentionally disrupted the traditional sprint finish on the Champs‑Élysées and added tactical complexity even in what is usually a ceremonial stage. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Glīd Technologies Delivers: The World's First Autonomous Dual-Mobile Road-to-Rail Platform - TechBullion TechBullion Undo FAQs Q1. Who won Stage 21, and how was the final classification decided? A1. Wout van Aert claimed victory in Stage 21. As a result, while van Aert's stage win stands, the overall general classification standings were locked in before the final laps—a decision that confirmed Tadej Pogačar as the winner of his fourth Tour de France title. Live Events Q2. What made Stage 21 unique, and what challenges did riders face? A2. This edition of Stage 21 covered 132.3 km from Mantes‑la‑Ville to Paris, featuring three tricky ascents of the Côte de la Butte Montmartre, each 1.1 km long with an average gradient of 5.9 per cent and cobblestone sections nestled among narrow streets.

TrEST Research Park-incubated semiconductor start-up Netrasemi secures Series A funding
TrEST Research Park-incubated semiconductor start-up Netrasemi secures Series A funding

The Hindu

timean hour ago

  • The Hindu

TrEST Research Park-incubated semiconductor start-up Netrasemi secures Series A funding

Fabless semiconductor start-up Netrasemi Pvt. Ltd., incubated at the State-run TrEST Research Park, has successfully raised ₹107 crore in an achievement that could fuel Kerala's deep-tech ambitions. Higher Education Minister R. Bindu said the investment in the start-up's Series A funding round (first round of venture capital funding after a start-up receives initial seed funding) was led by Zoho Corporation and Unicorn India Ventures. 'This is a significant leap for Kerala's growing semiconductor ecosystem. Netrasemi's success adds momentum to the State's deep-tech vision and proves the value of fostering innovation through academic-industry collaboration,' the Minister said. Founded in 2020 by Jyothis Indirabhai, Sreejith Varma and Deep Geetha, Netrasemi is developing a new generation of domain-specific, power-efficient Edge-AI System-on-Chips (SoCs). These chips are being widely adopted in sectors such as robotics, autonomous systems, smart IoT devices and surveillance technologies. Flagship products like Netra A2000 and R1000 are already in commercial use, offering cutting-edge solutions powered by a patented heterogeneous parallel processing architecture capable of supporting over 100 AI/ML applications, the Minister added in a statement. The start-up has also received backing from the Ministry of Electronics and Information Technology (MeitY) under its Design Linked Incentive (DLI) and Chips to Start-up (C2S) schemes. Modelled after the IIT Madras Research Park, TrEST Research Park was established to offer world-class R&D infrastructure and mentorship, and turn academic research into market-ready solutions.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store