On Friday March 23rd, President Trump signed the omnibus spending bill which included language for Generalized System of Preferences (GSP) renewal. GSP will be reinstated on April 23rd (30 days after enactment) and valid through December 31st, 2020. GSP will also apply retroactively to entries from January 1st through the reinstatement date.
News
Source: Institute for Supply Management
Economic activity in the manufacturing sector expanded in March, and the overall economy grew for the 107th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
Global Trade
Recently, John Carr (MIQ President and CEO) answered several questions that were posed to 9 global 3PL leaders. An excerpt of John’s responses were featured in the article entitled “Take Me To Your Thought Leader”; currently found in the April/May edition of Global Trade magazine. >> Click here to access the entire article.
President Trump Proposes Increased Tariffs on China Imports
Based upon an investigation by the United States Trade Representative (USTR) under section 301 of the Trade Act of 1974, as amended (the “Act”) (19 U.S.C. 2411) President Trump issued a Memorandum on March 22 stating he will impose about $60 billion worth of annual tariffs on Chinese imports as a result of China’s laws, policies, practices, or actions that may be unreasonable or discriminatory and that may be harming American intellectual property rights, innovation, or technology development. The tariffs, which the United States trade representative will publish within 15 days, will target 1,300 lines of Chinese goods — everything from shoes and clothing to electronics, administration officials said. Under the terms of the memorandum, the President ordered a 60-day consultation period, which will give industry lobbyists and legislators a chance to water down a proposed target list.
The most recent Nor’easter of the season is impacting logistics from Washington D.C. to Boston.
The latest storm summary from NOAA (National Oceanic and Atmospheric Administration) shows snow accumulation throughout 9 states, with some of the heaviest accumulation for Virginia, West Virginia, Maryland, Pennsylvania, New Jersey and New York.
With snow expected to continue for the New York and New Jersey, and Washington D.C. areas from Wednesday into Thursday, there have already been hundreds of flight cancelations and port closures. Below is a summary of what is being reported as of Wed (3/21).
Source: National Retail Federation
Imports at the nations’ major retail container ports are expected to dip slightly this month, but that’s the result of annual Asian factory shutdowns for Lunar New Year rather than new tariffs on steel and aluminum imposed this week, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. Nonetheless, those and other tariffs could eventually have an impact on the ports.
The President announced today that he concurred with the Commerce Department’s findings in its Section 232 investigations that imports of steel and aluminum impair national security. Pursuant to the recommendations contained in the Commerce Department’s Report, the President ordered a 25 percent ad valorem tariff on steel articles and a 10 percent ad valorem tariff on aluminum articles, as defined below, imported from all countries except Canada and Mexico. These additional duties will be effective with respect to goods entered, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on March 23, 2018.
On February 28th, the International Cyanide Management Institute announced that MIQ Logistics Peru International Supply Chain has been certified to be in full compliance with the International Cyanide Management Code (Cyanide Code).
This is a follow-up to our February 22, 2018 Supply Chain Alert regarding the Commerce Department report on the results of the Section 232 investigation concerning the effects of imports of steel and aluminum on national security. The President is required to make a decision on the steel recommendations by April 11, 2018, and on the aluminum recommendations by April 19, 2018.
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