U.S. Trade Representative Katherine Tai on Thursday rebuffed appeals from senators to begin negotiating trade agreements that would cut tariffs on U.S. agricultural exports. “At this moment we do not have tariff liberalization negotiations going on with a partner,” Tai told the Senate Finance Committee. Tai left open the possibility for that to change, saying […]
Read MoreThe Coalition for a Prosperous America (CPA) today released a statement regarding a report by the U.S. International Trade Commission (USITC) analyzing the effects of Section 232 and Section 301 tariffs on more than $300 billion of U.S. imports. The USITC report found that the tariffs reduced imports from China, effectively stimulated more U.S. production of […]
Read MoreAsia Trade Lane Price Drop The contrast between the import rates from Asia in 2022 and those in 2023 is quite striking. Just half a year ago, it was not unusual for ocean rates to be in the five-figure range. However, presently, the shipping industry has become fiercely competitive with rates dropping even below the […]
Read MoreThe average contract cost to ship a container from China to the U.S. West Coast fell from $8,607 last April to $2,618 in February Retailers in the U.S. hope to slash shipping costs and save millions of dollars when they sit down later this month to negotiate long-term contracts with ocean carriers following last year’s […]
Read MoreAccording to the Baltic Exchange Airfreight Index (BAI), the rates paid for airfreight services from Hong Kong to North America and Europe in January 2023 have declined year-over-year, but still remain 67.8% higher than pre-COVID levels. The elevated rates can be attributed to a combination of factors including higher fuel prices, a shortage of belly […]
Read MoreGlobal Ocean carriers reached the top of the bullish market in 2022 by realizing high profits largely due to tight capacity and exceptionally high container rates. In fact, analysts at Blue Alpha Capital project that the world’s biggest container lines are on course to post profits in 2022 that will top 2021’s record by 73%. However, […]
Read More2022 saw many disruptive events impact the global freight market, and we’re bound to witness some spillover from last year on air rates and volumes in 2023. In January and February last year, air freight volume was sky-high, seeing an accumulative 4% year-on-year growth compared to 2021. But this growth dropped from mid-April 2022. […]
Read MoreThe two largest global container lines have mutually agreed to end their vessel-sharing partnership in January 2025. A joint statement by Vincent Clerc, CEO of A. P. Moller – Maersk, and Soren Toft, CEO of MSC, said that discontinuing the vessel-sharing alliance would allow both companies to “pursue their individual strategies”. Consultant Drewry observed […]
Read MoreAir Freight rates continue to decline on major routes with exception of the China-U.S. route which has grown 10%, the TAC Index shows. This development comes on the heels of early factory closures in China as the Chinese New Year (CNY) holiday nears but also in part because of new COVID cases and weak […]
Read MoreWith factories already closing in China, ahead of next week’s new year holiday, airfreight rates on major routes have continued to decline. One source reported that factories were closing early: in part, because some staff did not get a holiday last year owing to Covid lockdowns, partly because of new Covid cases and also […]
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