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Trade News
Trade News
28
Jan
Overview: The US dollar recorded lows for the month against many of the major currencies yesterday but has come back bid today. We had anticipated some consolidation ahead of the conclusion of the FOMC meeting tomorrow, and the dollar's downside momentum faded. Yet, today’s gains have been fueled by new tariff threats. In particular, Bessent, the new Treasury Secretary, said to be a moderate, reportedly was advocated increasing a universal tariff by 2.5% a month until reaching the levels President...
27
Jan
Now in office, President Trump has signed an executive order directing federal agencies to investigate unfair trade practices and currency policies, particularly concerning China, Canada, and Mexico. As of this writing, he hasn’t imposed tariffs, but he has indicated he will—as soon as February 1. Specifically, a 25% tariff on imports from Mexico and Canada. He also announced a new External Revenue department that will oversee the collection of duties from any countries subjected to future tariffs.
Despite a recent ceasefire between...
23
Jan
By Erik Smithweiss | U.S. Customs and Border Protection (CBP) has recently issued two proposed amendments to the regulations governing the clearance of “de minimis” shipments. Under Section 321 of the Tariff Act, good valued at $800 or less (and gifts under $100) per shipment may enter the U.S. without payment of customs duties.
The first proposed amendment, titled “Entry of Low-Value Shipments” (ELVS), would establish a dual-track entry process for de minimis shipments. This proposal would create an “enhanced” entry...
23
Jan
What happened?
On day one of his Administration, President Trump signed two Executive Orders (presidential directives to the executive branch, having the force of law) signaling a clear change in direction from the Biden Administration on global tax and trade policy. The first takes aim at the OECD’s two pillar project, referred to as the ‘global tax deal,’ and essentially nullifies the US’s agreement to the project. The second is a series of directions to implement ‘America First Trade Policy.’...
22
Jan
With President Trump officially back in office, the outlook for global supply chains has started to take shape—though many questions remain.
While the President’s first day did not bring any immediate tariff announcements, an official memorandum (available to view here) has been issued by the White House, detailing potential actions the United States may take under existing laws to combat what are considered unfair trade practices and other barriers to U.S. commerce.
The President has instructed agency leaders to review and submit...
21
Jan
In an unpredictable switch, e-commerce volumes have nosedived—and airfreight rates have followed. They’ve dropped by 40% since December. This is mostly led by a mix of retail surpluses and companies front-loading ahead of threatened US tariff changes. Also pushing rates down is intense competition between Chinese carriers on China-Europe routes. European airlines are struggling with strong inbound but weaker outbound volumes. And in the UK, while the currency exchange is increasing airfreight costs, a decrease in volumes from China is...
21
Jan
During her tenure as Commerce Secretary, Gina Raimondo oversaw more than $90 billion invested in targeted programs to safeguard U.S. national security, spur innovation, stimulate job creation in good-paying careers, and bolster U.S. competitiveness.
Washington, D.C. — Under the Biden-Harris Administration and U.S. Secretary of Commerce Gina Raimondo’s leadership, the Department of Commerce took a new approach to economic policy to turn the agency into an engine of innovation and growth. With transformational investments to enhance U.S. competitiveness, Secretary Raimondo worked...
14
Jan
Today, the Department of Commerce Office of Space Commerce published a report on the department’s space commerce accomplishments under the Biden-Harris Administration.
A message from Don Graves, Deputy Secretary of Commerce
Under the Biden-Harris Administration, the Department of Commerce has taken many concrete actions to promote the growth and competitiveness of the U.S. commercial space sector. The Department’s strategic objective to “advance U.S. leadership in the global commercial space industry” makes the lives of American citizens easier every day. Critical space services –...
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