Source: National Retail Federation Press Release – October 8, 2020
Imports reached an all-time high this summer as retail sales bounced back from the pandemic and merchants replenished inventories and stocked up early for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
On Friday, October 2, 2020, the United States Trade Representative (USTR) office announced in a press release that it is “initiating an investigation addressing two significant issues with respect to Vietnam.”
Source: Institute for Supply Management – October 1, 2020
Economic activity in the manufacturing sector grew in September, with the overall economy notching a fifth consecutive month of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®.
On Thursday, October 1, 2020, U.S. Customs and Border Protection (CBP) released CSMS Message 44279197 to inform the trade of the expiration of the Caribbean Basin Trade Partnership Act (CBTPA).
During the month of September, 2020, Noatum Logistics was involved in a number of events throughout the logistics industry. Read about industry updates, regulatory updates and announcements in the September 2020 Logistics Link.
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.
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.
