The container ship Gunde Maersk sits docked at the Port of Oakland on June 24, 2024 in Oakland, California.
Justin Sullivan | Getty Images
Shares of Danish shipping giant Maersk, a bellwether for global trade, posted substantial gains on Thursday morning, rallying after U.S. President Donald Trump's 90-day pause on higher tariffs for some countries.
Trump's temporary reprieve from duties does not apply to China, however. The U.S. president on Wednesday ramped up levies on goods from China to 125%, citing a "lack of respect" shortly after Beijing responded with retaliatory measures.
Shares of Maersk rose by 12% shortly after the opening bell, soaring toward the top of the pan-European Stoxx 600.
The company has previously warned that Trump's tariffs on Mexico, Canada and China were "clearly" going to be inflationary over the short term.
An escalating trade war between the U.S. and China, the world's two largest economies, has been a major source of concern for the maritime and transport sector.
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