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Omicron Variant Could Drive Inflation Even Higher

Stocks took a major hit yesterday as fears over the recently discovered Omicron coronavirus variant brewed. Federal Reserve Chair Jerome Powell also shared before Senate that he no longer believes inflation is "transitory," noting new factors—like Omicron—could mean high inflation will stick around well into next year.Growing concerns abo...
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Global Standard for Classifying Goods to Change Come January

Another factor will soon further complicate the global supply chain crisis and international trade—new harmonized system numbers (known as HS codes). HS codes are the global standard for classifying goods in international trade. Starting Jan. 1, more than 350 global HS codes will be updates and roughly 1,500 U.S. tariff codes will also be chan...
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Survey Finds Suppliers May See a Rise in Pricing While Manufacturers Expect a Rise in Sales

Material suppliers are expecting costs to rise over the next year, according to Construction Products Association (CPA) recent State of Trade survey for Q3. Data shows that cost pressures are expanding from raw materials to fuel, energy, wages and salaries.This expansion is likely due to the rise in global gas, electricity and crude oil prices—alon...
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U.S. and Japan Plan to Form Trade Partnership

The U.S. and Japan set the foundation of a trade partnership today, agreeing to work toward resolving tariffs on steel and aluminum imports. U.S. Trade Representative Katharine Tai and Japan's trade and industry minister also agreed to cooperate toward a "common global-agenda" for trade, according to ABC News."This Partnership will deepen the ...
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US Inflation Hits 31-Year High in October

Container ships located at the ports of Los Angeles and Long Beach, CA, are averaging a 17-day wait time, according to a Bloomberg report. As of November 12, 83 ships remain either at anchor or in a holding zone, compared to the previous high of 81 from earlier that week."We are trying to add capacity by searching for vacant land to store container...
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White House to Speed Up Infrastructure Upgrades Amid Supply Chain Crisis, Inflation

President Joe Biden announced Tuesday plans to determine and pay for needed upgrades to U.S. ports over the next 90 days, according to the Associated Press. This comes as supply chain disruptions continue to overwhelm major ports across the country and drive inflation. U.S. port authorities will be allowed to reallocate leftover money originally me...
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House Passes $1.2 Trillion Infrastructure Bill

Congress passed the much-awaited infrastructure bill on Friday, which includes $550 billion in spending for new infrastructure and $110 billion for improvements to roads and bridges. Overall, the $1.2-trillion package is about $1.1 trillion less than President Joe Biden's March proposal, known as the American Jobs Plan.It also includes funds for tr...
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U.S. Service Sector Hits Record High in October, Manufacturing Continues to Grow

The U.S. service sector grew to a record high in October, the fourth time in 2021, and the manufacturing sector also continued to rise for the 17th consecutive month, according to reports released Wednesday from the Institute of Supply Management (ISM).ISM's survey of the service industry reached a reading of 66.7, up 4.8 points from September...
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US-EU Reach Agreement to Ease Tariffs on Steel, Aluminum Products

The U.S. and EU have reached an agreement to lift U.S. tariffs on some steel and aluminum products coming from Europe, beginning Dec.1, the White House announced Sunday. This agreement sets a threshold for the amount of steel and aluminum coming from the EU before being subject to tariffs.In return, the EU states that it will remove its retaliatory...
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G7 Finds Common Ground with Digital Trade and Data Sharing

During a meeting between the Group of Seven wealthy nations (G7) on Friday, a consensus was reached on a set of principles to govern cross-border data use and digital trade. The deal is considered to be a breakthrough as it could free up hundreds of billions of dollars of international commerce. "The deal sets out a middle ground between highly reg...
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US Pushes China to Adopt Trade Reform, Tensions Rise

 The United States accused China of unfair trade practices today during the World Trade Organization (WTO) review, saying the country's industrial policies "skew the playing field" against imported goods and services."We also cannot ignore reports of China's use of forced labor in several sectors," U.S. charge d'affaires David Bisbee told the ...
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Global Trade Rebound Is Strong but Unequal, WTO Say

 The World Trade Organization (WTO) updated its economic forecast for 2021-22 with a more positive outlook for global trade. The WTO now predicts trade will grow 10.8% this year, up from the 8% forecasted in March.However, while overall recovery is strong, many developing regions remain far behind partly due to the lack of vaccine access. "The...
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US-Vietnam Agreement to Keep Supply Chain Free of Illegal Timber

 U.S. Trade Representative Katherine Tai announced an agreement with the Socialist Republic of Vietnam that addresses U.S. concerns in the Vietnam Timber Section 301 investigation. This is the first 301 investigation to address environmental concerns. (Section 301 of the Trade Act of 1974 (19 U.S.C. §2411) grants the Office of the United State...
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U.S. Products Could Face New EU Tariffs If Metal Dispute Is Not Resolved

The European Union warned that only one month is left to resolve a metals dispute with the U.S., otherwise new EU tariffs will hit American products starting Dec. 1.An agreement must happen by the beginning of November in order to avoid consequences, said EU trade commissioner, Valdis Dombrovskis, on Bloomberg Television. "We are now working very i...
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Will High Food Prices Lead to Civil Unrest?

 Wholesale food prices like wheat, sugar and vegetable oil have increased by roughly 33% globally since last year, according to the UN's Food and Agriculture Organization. But in some countries, the rising cost of food might be a tipping point – resulting in protests and even war, said Ida Rudolfsen, doctoral researcher at Uppsala University a...
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Coface Survey Shows Decrease in Payment Delays and a Positive Economic Outlook for 2021

According to a recent Germany corporate payment survey by Coface, payment delays have steadily decreased from 2020 to 2021. Among the companies responding to the survey, only 59% are reporting payment delays this year – a 9% decrease from 2020.Companies are also reporting a drop in the duration of payment delays resulting in an 8-day decline to an ...
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UK Delays Brexit Border Checks on Food as Grocery Stores Struggle to Stock Shelves

The United Kingdom will postpone the start of Brexit border checks on food imports from the European Union until July 2022, said Brexit minister David Frost in a statement on Tuesday.The goal of delaying some Brexit protocols is to give businesses more time to adjust and prevent the current food shortage in the U.K. from getting worse. Europe suppl...
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Federal Mandate for COVID Vaccinations Targets Government Contractors Among Others

President Joe Biden and the U.S. Department of Labor's Occupational Safety and Health Administration (OSHA) are developing an emergency temporary standard (ETS) that would require companies that employ more than 100 workers to ensure their employees are either fully vaccinated or test negative each week if unvaccinated in order to come into work sp...
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China Exports and Imports Hit Record Highs

China's global trade soared to record high levels last month, according to a report from CNN. The country's exports jumped 25.6% in August from one year ago to $294.3 billion, and imports spiked 33.1% to $236 billion, both the highest numbers on record.These economic strides are in despite of new coronavirus outbreaks and supply bottlenecks. "While...
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Vietnam is Latest Country to Struggle with Exports As Holiday Season Approaches

Vietnam is next in line to grapple with the challenges of widespread supply-chain woes as the country struggles to contain the coronavirus. Beginning today, Vietnam's major industrial southern provinces of Binh Duong and Dong Nai stay-home orders are extended for another 15 days."American companies that diversified their supplier bases outside of C...
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