Increasing trade barriers by governments around the world are hampering the global economy as it attempts to recover from the pandemic’s economic fallout, warned the International Chamber of Shipping today.
According to the International Trade Centre, the Covid pandemic has led governments to throw up “temporary trade measures that aim to restrict exports of vital medical supplies, and to liberalise imports of vital medical supplies as well as other essential products”.
As …
The post Trade...
Well, Toyota and Nissan are demanding the UK government pay any additional tariffs required if the country fails to agree a trade deal with the EU. If there is no deal, tariffs on cars will jump to 10% on 1 January, costing car-makers some $5.82bn a year. According to Nikkei Asia, EU car-makers are also requesting the UK pay for tariffs… Perhaps these moves will finally sharpen the government’s incentive …
The post Toyota and Nissan demand UK covers tariffs if no EU deal reached appeared first...
https://theloadstar.com/toyota-and-nissan-demand-uk-cover-tariffs-if-no-eu-deal-reached/
US importers of Chinese goods valued below $800 may lose their exemption from tariffs, if a proposal from the US Customs & Border Protection agency (CBP) moves forward.
On 2 September, CBP asked the US Office of Management & Budget for regulatory review of a proposal entitled Excepting Merchandise Subject to Section 301 Duties from the Customs De Minimis Exemption [of $800].
“I think the biggest impact would be on AliExpress imports, …
The post US Customs targets Chinese e-commerce with bid to...
https://theloadstar.com/us-customs-targets-chinese-e-commerce-with-bid-to-reduce-tax-threshold/
US west coast ports, and rail and road links to the interior, are currently struggling with a surge of imports from Asia, mostly from China.
Despite all the fiery rhetoric and tariffs, the flow of goods from China to the US has not slowed down.
“We have not seen a major slowdown in business with China, it’s pretty steady, if not growing,” said Bob Imbriani, vice-president international services of forwarder Team Worldwide.
If …
The post Trade war and tariffs fail to slow growing surge of US...
https://theloadstar.com/trade-war-and-tariffs-fail-to-slow-growing-surge-of-us-imports-from-china/
The United States is preparing to re-impose tariffs on aluminum imports from Canada, according to Bloomberg. The move could disrupt cross-border supply chains by leading U.S. companies to re-source aluminum.
The Trump administration is planning to restore a 10% tariff on July 1 in the event Canada refuses to cut exports, Bloomberg reported, citing anonymous sources. The tariffs would come on the same day that the United States-Mexico-Canada Agreement (USMCA) takes effect.
The revival of aluminum...
https://www.freightwaves.com/news/us-to-hit-canada-with-aluminum-tariffs-report-says
Businesses are reopening, coastal vacation rentals are selling out, container volumes into West Coast ports are rising, the S&P 500 briefly erased its losses, and stock fervor is so intense that investors are trading ultimately worthless shares of bankrupt companies.
You might almost think that the coronavirus crisis was over. It isn’t.
Global infections are at or near all-time highs, and a sobering new assessment from the Paris-based Organization for Economic Co-operation and Development...
https://www.freightwaves.com/news/covid-second-wave-would-slam-ocean-shipping
US customs brokers and importers have been scrambling to revise monthly statements after the US government announced they could postpone duty, taxes and fees for 90 days.
The executive order, signed on Sunday, temporarily extends deadlines for importers “suffering significant financial hardship” and was closely followed by a detailed explanation by Customs & Border Protection (CBP).
It noted: “This temporary postponement applies to formal entries of merchandise entered, or withdrawn from...
https://theloadstar.com/raincheck-on-taxes-a-relief-for-hard-hit-us-importers/
Capacity on the transpacific Asia-US west coast tradelane will be cut by some 7,000 teu a week from May, Alphaliner reports.
However, this may not be enough to mitigate the negative drag of US import tariffs and the continued structural move of trade to east coast ports.
The revised alliance networks, after 1 April, will see HMM terminate its standalone services as it joins THE Alliance, while its South Korean compatriot, SM …
The post Carriers set to cut Asia-USWC capacity in response to...
https://theloadstar.com/carriers-set-to-cut-asia-uswc-capacity-in-response-to-weakening-outlook/
The suspension by the US of the planned 15% tariffs on $160bn of Chinese imports and the halving to 7.5% of the existing duty on $112bn of other goods has come too late to rescue transpacific volumes this year and next, according to Alphaliner.
Moreover, the price paid by American industry caught in the crosshairs of the US-China trade war is substantial, according to a respected US business news commentator.
Alphaliner said …
The post Transpac volumes set for further decline, despite US-China...
https://theloadstar.com/transpac-volumes-set-for-further-decline-despite-us-china-trade-pact/
There has been some movement on the China-US trade agreement, although there are still many questions, according to CNBC. This week’s planned tariff implementations have been delayed, and a new ‘phase-one’ deal will depend on the US rolling back previous tariffs. But there is also confusion about China’s pledges on agricultural machinery. The US said China would buy $16bn-worth more in the next two years and China is markedly not …
The post US and China reach trade agreement, but key details are...
https://theloadstar.com/us-and-china-reach-trade-agreement-but-key-details-are-still-unclear/