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But before the ship arrived, a trade war between President Donald Trump and China had begun in downtown New York: China announced retaliatory tariffs of 25 to 40 per cent on US dairy exports.
"after the tariffs came into effect, our first shipment was actually shipped on water," said Ellis (Ellis), chief executive of Kayuga Milk ingredients. "
"it takes about 32 days from New York to Shanghai, so we can clear the goods before the tariffs take effect," Ellis said. "but there are no repeated orders because tariffs basically make our products uncompetitive."
Now, because of losses in the Chinese market and uncertainty over the global dairy industry caused by the trade war, the company has decided to postpone the core of its $89 million expansion plan.
Ellis said the expansion will increase production of Kayuga milk ingredients by 35% and create up to 80 new jobs. The company had planned to buy an additional 700000 pounds of milk from local farmers every day.
The setback is the latest example of the damage caused by the US trade war with China in upstate New York.
As this international war continues with no end in sight, its impact has gradually penetrated from large companies to small businesses and family farmers who are increasingly dependent on the global economy.
At Kayuga Milk ingredients, the decision to delay expansion will affect about 28 farmers in 30 locations in downtown New York, who are counting on new export markets to sustain their farms.
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At the same time as opportunities are lost, dairy farmers in upstate New York are fighting for survival.
New York lost nearly 20% of its dairy farms between 2012 and 2017, according to a five-year census released by the U.S. Department of Agriculture) in April.
In the latest census, the total number of farms in New York State fell by about 2100, the biggest drop in more than 20 years, according to (New York Farm Bureau), the New York Department of Agriculture.
Williams (Lauren Williams), deputy director of state affairs at the (New York Farm Bureau) of the New York Department of Agriculture, said that because the trade war between the United States and China, the world's two largest economies, shows no sign of coming to an end. Some farmers who are already struggling may not find a reason to continue their business.
Ford cut its 2019 forecast on Wednesday after an unexpected drop in U. S. sales.
The pessimistic figures highlight the challenges facing global brewers in large developing markets such as Asia, Latin America and Africa, which are expected to achieve higher growth to make up for falling beer consumption in Europe and the US.
The company, which makes Budweiser (Budweiser), Corona (Corona) and Stella Atois (Stella Artois), had expected strong revenue and core profit (EBITDA) growth this year. On Friday, the company predicted only "modest" EBITDA growth, saying it would face "challenges" between July and September.
The Belgium-based company's core profit was flat at $5.29 billion in the third quarter from a year earlier, below market expectations of a 3 per cent increase.
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As of 1318 GMT, the company's shares were down 9 per cent, the second biggest one-day drop in a decade. They are the worst performers in the pan-European blue chip index, dragging down rivals Heineken (Heineken) and Carlsberg CARLb.CO..
Budweiser InBev had previously warned that beer sales grew at its fastest pace in more than five years after strong growth in the second quarter.
The company said it had anticipated some challenges.
The number of banks that provide ship financing may be at its lowest level in this century, but shipowners have been warned that they may shrink further.
At the ship financing Conference on Tuesday at the Maritime CEO Forum at the Monaco Yacht Club, Dagfinn Lunde, Splash columnist and founder of eshipfinance.com, pointed out that the number of global ship financing from banks has shrunk by 35 per cent since the onset of the global financial crisis in 2008.However, the world merchant fleet grew by 60% during this time.
Greg Belonov (Greg Belonogoff), a partner at CarVal Investors, warned: "Don't expect the contraction in the banking market to end soon." Belonogoff expects banks to continue to sell their shipping portfolios, while the impact of Basel 4 is already evident and regulators will inject more capital into their balance sheets.
In a recent survey, 2/3 of Splash readers said that while many shipping industries are raising interest rates on ship financing, ship financing has not become more accessible.
Alan Hatton (Alan Hatton), chief executive of Singapore tanker owner Foreguard Shipping, told an exclusive shipowners meeting in Monaco that he had been working on new financing options for his fleet. He points to how bond markets have recovered, especially in Oslo.
Gazing at Monaco's sunny seaport, even the unfathomable rich have a feeling that some people have too much money to know how to spend it.
The week before, (Port Hercules), Hercules, staged one of the most spectacular sea shows of all time: 125 superyachts worth a total of $4.4 billion.
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