USTR Reinstates Certain Section 301 Exclusions

March 25, 2022.
Logistics Publications, Trade Publications

After weeks of lobbying from industry leaders and a bipartisan group of US lawmakers, the Office of the U.S. Trade Representative (USTR) announced on Wednesday, March 23 that it is reinstating exclusions for 352 products that had previously been subjected to Section 301 Chinese tariffs. The exclusions will be retroactively effective from...

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Replacing 232 Duties for Steel and Aluminum with Tariff Rate Quota

March 23, 2022.
Logistics Publications, Trade Publications

In late 2021, the U.S. announced that an agreement was reached with the E.U. to replace existing Section 232 duties (25% steel and 10% aluminum) with a new Tariff Rate Quota (TRQ).  The quota allows for limited quantities of eligible EU steel and aluminum products to be entered free of the...

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Overview of US Import and Export Trade Statistics for FY 2021

March 22, 2022.
Logistics Publications, Trade Publications

Import Trade Statistics 2021: Imports Entry summary volume increased by 12.5% from 2020 to 2021, primarily attributed to economic recovery after the Covid-19 lockdowns of 2020. The increase boosted 2021’s numbers well past the last pre-pandemic year on record, 2019, by 3.9%. Total import values increased by 15.7% from 2020 to 2021 as well, with 2021’s values surpassing 2019...

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Free Trade Agreements 2022

March 21, 2022.
Logistics Publications, Trade Publications

Regional Comprehensive Economic Partnership (RCEP) Agreement: The Regional Comprehensive Economic Partnership (RCEP) went into effect on January 1, 2022. The RCEP is currently the largest free trade agreement, with 15 countries as active members. Ten countries entered into RCEP on January 1, including Australia, New Zealand, Brunei Darussalam, Cambodia, China, Japan, Laos, Singapore, Thailand,...

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The Future of European Trade

March 18, 2022.
Trade Publications

The year 2022 promises to be a harbinger of changes to European trade, with modifications made to prior agreements as a result of Brexit, Russian military aggression, and United States-based council meetings. As of January 1, 2022, any goods exported to Great Britain from the European Union must now have a full customs...

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Chinese Ports Remain Open Despite COVID-19 Lockdown, But Delays are Increasing

March 17, 2022.

Several provinces in China are enacting wide-scale precautions after the country reported its largest spike in COVID-19 cases since the beginning of the pandemic, creating restrictions for an estimated 45 million Chinese citizens and impacting multiple economic sectors. Currently regional container hubs and ports are remaining open, a distinct contrast to...

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More Sanctions on Russia

March 14, 2022.

On March 11th, 2022, the United States and G7 allies removed Russia from their Most Favored Nation Status. This allows the U.S. and the G7 to impose tariffs on various Russian goods allowing them to put more pressure on Russia’s economy. This is yet another effort to pressure...

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Ban on Russian Oil Imports

March 08, 2022.

On March 8, 2022, President Joe Biden issued an executive order prohibiting the following: Imports of crude oil, certain petroleum products, liquefied natural gas, coal, and coal products from Russia. New investment in Russia’s energy sector by U.S. persons located anywhere Any approval, financing, facilitating, or guarantee by a...

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Cryptocurrencies and Blockchain Technology Look to Expand Their Footprint in Global Trade for FY2022

March 02, 2022.

Since the introduction of cryptocurrency in 2009, each passing year has seen it play a steadily larger role in worldwide transactions, and these effects are starting to be felt in international trade. As the global economy propels forward into 2022, cryptocurrency and blockchain technology promise to have an outsized impact, and the...

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Union Budget 2022 – India Boosting Nation’s Logistics Sector

February 28, 2022.

Presented by Finance Minister Nirmala Sitaram, Union Budget for FY 2022-2023 has been structured to have a transformative approach to the nation's economic growth and sustainable development with a focus on Green Logistics. In her budget speech, she pointed out that the driving engines for this transformation would be...

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China Continuing Trade with Russia after Invasion

February 28, 2022.

Within hours of Ukraine being invaded by Russia, the U.S., U.K, and EU all announced new sanctions in an unprecedented attempt to isolate Moscow from the global economy. The sanctions did not include restrictions on the purchase of Russian oil and gas, however, as these materials are significant...

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New Russian Export Sanctions

February 25, 2022.

The U.S. has announced significant new restrictions on exports to Russia as a response to the invasion of Ukraine.  These new sanctions, effective February 24 include: New license requirements for all ECCN number in categories 3-9 of the CCL, some of which were not previously controlled to Russia. This...

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