Ocean Freight rates on the Asia to US trade lane and specifically to the US West Coast are at record high levels after two months of continuous increases. Rates are anticipated to stay elevated throughout the duration of this peak season. A variety of market forces and unique economic circumstances have combined to push rates to unprecedented levels in 2020.
News
On September 15, 2020, the United States Trade Representative (USTR) office announced in a Statement on Canadian Aluminum that they will “resume duty-free treatment of non-alloyed, unwrought aluminum.” This change will be effective retroactively to September 1, 2020.
If you are an importer with goods currently subject to Section 301 List 3 and 4A tariffs (valued at over $300 billion) you should contact your legal counsel and consider taking immediate action to file a claim within the next couple of days to preserve your right for refunds.
On September 2, 2020, the United States Trade Representative (USTR) office announced the extension of certain product exclusions to Section 301 List 4A products currently subject to a 7.5% tariff in Federal Register Notice 85 No. 171 FR 54616.
Source: National Retail Federation Press Release – September 9, 2020
Imports surged to unexpected high levels this summer and may have hit a new record as the U.S. economy continues to reopen and retailers stock up for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
Source: Institute for Supply Management – September 2, 2020
Economic activity in the manufacturing sector grew in August, with the overall economy notching a fourth consecutive month of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
During the month of August, 2020, Noatum Logistics was involved in a number of events throughout the logistics industry. Read about industry updates, regulatory updates and announcements in the August 2020 logistics link.
In preparation of Hurricane Laura, Noatum Logistics will be closing our Houston office effective 17:00 CDT Wednesday, August 26. Based on the most recent reports, we expect Hurricane Laura to quickly strengthen to a category 3 storm and make landfall between the Texas and Louisiana border. Hurricane and tropical storm conditions are expected to reach the Houston area beginning late Wednesday evening through Thursday.
On Friday, August 21, 2020, United States Customs and Border Protection (CBP) issued a notice in Cargo System Messaging Service CSMS 43729326 to inform the trade that the 45-day transition period for compliance with the President’s Executive Order (EO) 13936 on Hong Kong Normalization has been extended for an additional 45 days from September 25, 2020 to November 9, 2020.
On August 6, 2020, a Presidential Proclamation on Adjusting Imports of Aluminum Into the United States was issued, which will result in a 10 percent Section 232 tariff on imports of non-alloyed unwrought aluminum from Canada.
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