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- December 8, 2016 /
- by beth /
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Liverpool’s new container terminal expects to ramp up transatlantic shipping as British companies look to deepen business ties despite concerns that the U.S. election of Donald Trump could hinder free trade, the port operator’s chief said.
Private group Peel Ports has invested 400 million pounds ($510 million) in transforming Liverpool’s existing facility into a deep-water container terminal that can receive bigger ships. The new development opened last month.
Mark Whitworth, chief executive of Peel Ports, said Liverpool, on England’s northwest coast, already had 45 percent of the UK’s transatlantic trade and “there is no reason why our aspiration should not exceed 60 percent”.
A number of companies have made investments in the region, including spirits giant Diageo and car maker Jaguar Land Rover – both of which were targeting bigger transatlantic trade, Whitworth said.
Britain’s decision to leave the European Union is also driving efforts to bolster trade outside the bloc.
At the same time, there have been worries about Trump’s presidential campaign pledges on redrawing trade deals to win back U.S. jobs. Economists have warned such moves could spark a trade war and roll back decades of liberalization, which has buoyed international shipping.