Tariff Talk Thursday is Back!
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Tariff Talk Thursday is Back!
Visit our Events page for details or register here.
NOVEMBER 15, 2024
The holiday shopping season is here, with spending expected to increase 2.5–3.5%, potentially reaching $990 billion. Younger generations are leading this optimism, reflecting improved consumer confidence and a slowdown in inflation.
Since the U.S. presidential election concluded, international trade has shifted in response to expected new policy directions under the incoming administration. A key focus is on trade tariffs and evolving U.S.-China relations, with an emphasis on diversifying supply chains to reduce reliance on China and strengthen ties with Indo-Pacific partners. This has driven increased overseas production as retailers and distributors work to bring products into the U.S. ahead of any potential policy changes.
Without the fanfare of the Grammys, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has released its latest edition of Don’t Let This Happen to You. As readers explore the latest cases, they will find updates on Russian procurement schemes, smuggled export-controlled goods, shipments to denied parties, and antiboycott violations. BIS’s statement reinforces its commitment to aggressively pursue violations of export control and antiboycott regulations.
Starting December 4, Import Control System 2 Phase 3 will require shippers and carriers transporting goods to the EU by sea to submit detailed cargo data before arrival.
Shippers are gearing up to meet the new requirements, collecting precise information on parties, goods, transport routes, and shipment specifics to ensure compliance and maintain smooth supply chains.
Negotiations between the ILA and USMX broke down this week over the issue of automation. If an agreement isn’t reached, ILA workers at East and Gulf Coast ports may resume their strike on January 15, 2025. Importers should consider alternative routings for time-sensitive ocean shipments expected to arrive in January.
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