The deteriorating trade relations between the U.S. and China, culminating in the past fortnight’s exchange of tariff threats, may already have had an effect on the container-liners’ fortunes. Rates for container shipping from China to the U.S. west coast fell 4% last week and are down 5% year-to-date. By contrast rates to Japan are up 9% over the same period. The controversy comes as rates for the May 1 shipping year are being negotiated. The proportion of non-containerized freight (commodities, autos and aerospace) in the Chinese tariffs on U.S. goods is 84%, while for U.S. tariffs on C...