In a recent development, lawmakers from both the Republican and Democratic parties have joined forces to call on the Biden administration to increase scrutiny and oversight of Chinese biotech firms. The lawmakers, Republican Michael Gallagher and Democrat Raja Krishnamoorthi, have sent a letter to Defense Secretary Lloyd Austin, urging him to add seven Chinese biotech…
Oil Prices Surge to 5-Month High Amidst OPEC Oil prices have surged to a near five-month high, reaching $85 per barrel for the first time since October. The rally in oil prices is attributed to a combination of factors, including production cuts by OPEC+, robust global demand, and heightened geopolitical risks. Tensions in the Middle…
As the dynamics of global trade compliance continue to evolve, U.S. imports from Asia are undergoing a significant transformation, presenting new challenges and opportunities for the supply chain. In a recent study conducted by Oliver Wyman, it was found that a noticeable shift in imports from the West Coast to the East Coast is taking…
The recent collapse of the Francis Scott Key Baltimore Bridge has sent shockwaves through the transportation and logistics industry, raising concerns about the potential economic impact and highlighting the need for greater supply chain resilience. This catastrophic event has not only resulted in loss of life but has also disrupted the Port of Baltimore, one…
The United States has recently imposed sanctions on a Chinese cyberespionage firm for allegedly hacking into the US energy industry. This action is part of broader efforts to address cybersecurity threats and safeguard national security. This blog post will focus on the trade aspects of the article, exploring the potential impact on global trade relations…
US Lawmakers Push for Tariff Hike on Chinese-Made Drones A group of bipartisan lawmakers in the US has asked the Biden administration for a tariff increase on Chinese-made drones, including those shipped from other countries, to counter national and economic security threats. The lawmakers specifically targeted drone makers like DJI and Autel and asked for…
The Customs Broker Continuing Education program aims to ensure that licensed customs brokers stay updated on developing customs regulations and U.S. trade laws. This program, governed by the Continuing Education for Licensed Customs Brokers Final Rule, mandates the completion of 36 continuing education credit hours during each triennial status period. However, for the initial 2024-2027…
As the automotive industry continues to evolve, the rise of Chinese carmakers and their expansion into international markets is becoming increasingly evident. In a recent report by Automotive Logistics, it is clear that China is targeting Europe for electric vehicle (EV) sales, leveraging the recovery of roll-on/roll-off (ro-ro) capacity and navigating geopolitical disruptions. European ports…
The consumer products, retail, and logistics industries are experiencing challenges with their digital transformation, and lag behind other sectors, posing issues in pursuing solutions driven by artificial intelligence (AI). A recent study conducted by Forrester Research reveals that cost-cutting measures targeting supply chains threaten the progress of consumer goods and logistics companies in digitization efforts….
In a recent development, the United States Department of State has reached a settlement with The Boeing Company, one of the world’s largest aerospace manufacturers. The settlement, amounting to $51 million, aims to resolve 199 export violations of the Arms Export Control Act (AECA) and the International Traffic in Arms Regulations (ITAR). This blog will…
Chinese Companies Unlikely to Succeed in Challenging UFLPA Entity List The Court of International Trade recently ruled that Chinese companies, specifically Ninestar Corporation and its affiliates, are unlikely to succeed in their case challenging their placement on the Uyghur Forced Labor Prevention Act (UFLPA) entity list. In the court’s opinion, it was determined that the…
In recent years, trade between China and Russia has experienced a remarkable surge, benefitting several Russian companies and strengthening the economic relationship between the two countries. This tremendous growth in trade comes at a time when Western firms have withdrawn from the Russian market due to sanctions imposed after the invasion of Ukraine. In this…
