American ports and railroads were hit double double by a strike
—— Los Angeles, Long Beach truck drivers announced a strike on July 13, and Oakland port truck drivers announced a strike from July 18. Some gates at the Long Beach Container Terminal (LBCT) will also be temporarily closed during the strike, sources said. Terminal Connectors, Female Headers and Reflex Electroforming should be noted.
To make matters worse, the national freight rail labor negotiations also face deadlines, with railways and unions opting to close or strike next Monday if the government refuses to step in.
This will exacerbate the container backlog at Los Angeles / Long Beach, affect the arrival of the US line container pickup, and further increase congestion at the eastern US port, potentially causing cargo delays and having a "catastrophic" impact on the weak US economy. Recent shipments of the United States of foreign trade people must pay attention to!
Consider reducing some of the tariffs on Chinese goods
The Biden administration is still weighing its efforts to ease inflation by cutting down tariffs on China. Biden's lower tariffs on China could include a "suspension of tariffs on consumer goods such as clothing and school supplies," but he is still considering whether to launch a new round of 301 investigations into China's semiconductor industry. A new round of 301 investigations could take a year and lead to a new wave of tariffs, the report said. But the Biden administration could claim that such tariffs would be more "strategically targeted" than current taxes on consumer goods.
The White House is coming under pressure from U. S. trade unions, complicating the US Trade Representative's office with more than 400 requests to maintain tariffs on Chinese goods.
We will introduce a rupee settlement mechanism for international trade
On July 11, the Central Bank of India announced on its official website that the invoices, payments and settlement of import and export goods are effective immediately in order to promote global trade growth, increase the interest of the global trade community and promote Indian exports.
To facilitate the settlement of trade transactions between India and any country, Indian dealer banks can open special Vostro accounts in proxy banks in their trading partner countries. The Vostro account is held by the proxy bank in the partner country, although the transactions on the account are settled in Rs.
Under this mechanism, all import and export trade can be denominated and invoiced in rupees, and the currency exchange rate between India and its trading partners can be determined by the market. Indian importers imported through the mechanism will pay in the Indian rupee, which will be deposited into the special Vostro account of the opposing agent bank based on the invoice of the goods or services provided by the overseas seller.
Downward pressure on China's textile and garment exports has increased
Statistics from the General Administration of Customs showed that China's cumulative garment exports totaled us $62.22 billion in the first five months, up 10.2 percent year on year. Among the top four markets of China's garment export, China exported to the US, EU and ASEAN us $14.93 billion, US $11.71 billion and US $5.78 billion respectively, up 12.5%, 17.9% and 26.3% year on year respectively; China's exports to Japan US $5.47 billion, down 7.6% year on year.
In addition, China's clothing exports to Latin America rose 36.1% year on year, exports to Africa 3.4%, and exports to countries along the Belt and Road line 15% year on year. Exports of Chinese clothing to any other single country were mixed. Among them, China's clothing exports to South Korea and Australia rose 3.3 percent and 13.8 percent, respectively, while its clothing exports to the UK, Canada and Russia fell 9.6 percent, 9.2 percent and 34.4 percent, respectively.
For subsequent clothing export trend, China textile import and export chamber of commerce Cao Jianchang thinks, " in the second half of the year, the epidemic impact on the overall lower world economic growth track, high global inflation, Ukraine crisis uncertainty under the common influence of multiple factors, China's clothing exports will still face many risk challenges, downward pressure increases.”
Shenzhen export less below 8 million can apply for export credit insurance
Recently, Shenzhen Municipal Bureau of Commerce issued the 2022 export credit insurance for small, medium and micro enterprises in 2022, in 2021 export volume of us $8 million (including) below enterprises can apply. The guarantee scope of export credit insurance products is as follows: all the export business of the insured (i. e., the enterprise) from July 2022 to June 2023 when the insured signed the sales contract with the buyer and declared it in the name of the insured, except for the countries not insured (subject to the official policy agreement). The risks guaranteed by this product include commercial risks and political risks. The amount guaranteed is 80% of the export loss amount of the enterprise, and the liability limit of a single buyer / issuing bank is us $150,000.
Guangdong provides social security payment subsidies to small and micro manufacturing enterprises
Guangdong province has issued by the on the implementation of manufacturing small low-profit enterprise social insurance payment subsidy notice, clear registered in Guangdong province, cumulative pay enterprise worker basic endowment insurance premium over 6 months (including 6 months, fee belongs since April 2021 to March 2022) manufacturing small low-profit enterprises, can receive subsidies. The subsidy standard is no more than 50,000 yuan per household, and the subsidy funds will be distributed in a one-time sum. The policy lasts until 30 November 2022.
Post time: Jul-15-2022