Imagine, you’re a small business owner who’s just landed a massive order for your custom-designed 4th of July t-shirts. Congratulations—you’re thrilled, and the production line is buzzing. But then, a grim reality check arrives as the cost to ship your goods across the ocean has doubled since your big order just last month. What’s going…
As we approach the peak season, ocean freight rates are experiencing a significant surge, creating challenges for businesses dependent on international shipping. Several factors contribute to this rise, including increased port congestion, tight vessel capacity, and a sudden surge in demand. This article delves into the reasons behind the skyrocketing freight rates and what it…
The U.S. Trade Representative (USTR) recently published a notice in the Federal Register granting the extension of the existing China Section 301 Exclusions including the 352 previously reinstated exclusions and the 77 COVID-related exclusions. These exclusions have been extended to June 14, 2024. Additionally, the notice further extends certain product-specific exclusions to May 31, 2025. In the Federal Register notice, the…
Overview of Recent Developments The Biden Administration has initiated significant modifications to the Section 301 tariffs on Chinese imports, reflecting a strategic recalibration of trade policies. These changes come after an extensive review and public comment period aimed at addressing the economic and strategic implications of the tariffs initially imposed under the previous administration. Public…
Overall This week, the Drewry composite index experienced a 4% increase, yet it has registered a 151% increase compared to the same period last year. The World Container Index (WCI) is now 198% higher than the average rates before the pandemic in 2019. Additionally, the average index for the year-to-date significantly exceeds the 10-year average,…
Overall This week, the Drewry composite index experienced a 1% increase, yet it has registered a 55% increase compared to the same period last year. The World Container Index (WCI) is now 92% higher than the average rates before the pandemic in 2019. Additionally, the average index for the year-to-date significantly exceeds the 10-year average,…
Introduction to Section 301 – What is it? Section 301 of the Trade Act of 1974 is a pivotal part of U.S. trade law that empowers the United States to enforce international trade agreements and address unfair trade practices. It grants the U.S. Trade Representative (USTR) the authority to investigate and rectify practices that adversely…
As we commemorate the 120th anniversary of the beginning of construction of the Panama Canal, we celebrate not only a marvel of engineering but also a pivotal conduit that has reshaped global trade and international relations. The Panama Canal, an engineering marvel that spans the Isthmus of Panama, connects the Atlantic and Pacific Oceans and…
Overall This week, the Drewry composite index experienced a 3% decrease, yet it has registered a 71% increase compared to the same period last year. The World Container Index (WCI) is now 106% higher than the average rates before the pandemic in 2019. Additionally, the average index for the year-to-date significantly exceeds the 10-year average,…
The collapse of the Francis Scott Key Bridge in Baltimore marked a significant incident, impacting not just local but national and global logistics networks. The bridge’s collapse began with the containership, Dali, losing power and crashing into one of the bridge columns, resulting in a total collapse. This event was not just a local incident…