31 Aug 2023

West Coast Ports – ILWU Ratifies Contract

  PACIFIC MARITIME ASSOCIATION STATEMENT ON FINAL CONTRACT APPROVALS SAN FRANCISCO (August 31, 2023) PMA President and CEO Jim McKenna issued the following statement today about the International Longshore and Warehouse Union’s approval of the new six-year contact. The contract, already approved by PMA member companies, is retroactive to July 1, 2022 and runs through […]

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30 Aug 2023

U.S. Economy Shows Signs of Recovery as Inflation Cools and GDP Grows

  Recent Inflation Developments The Federal Reserve’s Strategy to Tame Inflation The Federal Reserve is making progress in its efforts to tame inflation. Headline inflation has slowed from its peak of 8.9% in June 2022 to 3.3% in July 2023. This deceleration has been driven by lower food and energy prices. Core inflation, which excludes […]

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27 Aug 2023

BRICS Expands to Accelerate Growth

The BRICS (Brazil, Russia, India, China and South Africa), trade bloc is expanding its market reach beyond the West in response to slowing demand. At a summit in Johannesburg this week, the five member nations voted to bring six more countries into the fold: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. […]

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25 Aug 2023

Port of Los Angeles to Get Heavy-Duty Electric Truck Charging Depot

The Los Angeles Cleantech Incubator (LACI) has received a $1.5 million grant from the U.S. Department of Housing and Urban Development to install public charging infrastructure for electric heavy-duty trucks. The charging depot will be located at the Port of Los Angeles and will be the port’s first-ever public electric truck fast-charging station. The chargers […]

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22 Aug 2023

Trans-Pacific Shipping Lines Increase Blank Sailings to Prevent Rate Crash

  Ocean Carriers’ Successful Vessel Supply Adjustments Could Be Disrupted by New Vessel Deliveries. Recent increases in freight rates on the trans-Pacific route have been attributed to ocean carriers successfully adjusting vessel supply to meet demand through schedule changes and canceled sailings. However, this balance could be disrupted by the impending delivery of new vessels, […]

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21 Aug 2023

Hong Kong International Airport sees cargo volumes rise for the second month in a row.

  Hong Kong International Airport’s cargo volumes rose by 3.8% YoY in July to 361,000 tonnes, marking the second consecutive month of growth. The increase was driven by exports which rose by 12.6% YoY in July, with traffic to and from key trading regions in North America, the Middle East and Europe rising considerably during […]

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16 Aug 2023

Biden Administration Introduces New Outbound Investment Screening System Targeting Americans’ Investments in China

  On Wednesday, August 9th President Joe Biden declared a new national emergency and immediately used it as the justification for creating a new screening system that will limit Americans’ ability to invest overseas. The new rules, which have been in development since last year, will prohibit private equity and venture capital firms from investing […]

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11 Aug 2023

China Urges US to Revoke Trade Agreement with Taiwan

  China has expressed strong opposition to “official interaction of any form” between the US and Taiwan and called on Washington to revoke a bilateral trade agreement with Taipei. “The US move violates the one-China principle and the three China-US joint communiques, contravenes the US’s own commitment of maintaining only unofficial relations with Taiwan,” China’s […]

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10 Aug 2023

Trade Suffers Harsh Impact as Global Export Leaders Face Turbulent Times

  As experts analyze the potential for economic downturns in major global economies, a plethora of recent data underscores the existing downturn in global trade. China, the world’s largest exporter, recently reported the most significant contraction in overseas shipments since the onset of the Covid-19 pandemic in February 2020. Germany, the third-largest global exporter, experienced […]

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