IMPORT & EXPORT
By Andrew Asch | April 30, 2020
The COVID-19 pandemic turned the fashion business upside down and is putting supply chains through a giant stress test, said Neil Soni, vice president of business development and strategy for Omnichain, a Los Angeles–headquartered supply-chain company.
As a replacement for the North American Free Trade Agreement, the United States-Mexico-Canada Agreement was implemented July 1.
Importers faced with financial hardship due to the COVID-19 pandemic can request a 90-day deferment in payments on certain duties, taxes and fees, according to an executive order signed by President Trump on April 18.
Due to a weak global-trade market resulting from the COVID-19 pandemic, loaded container volume declined from 2019 totals during March at the Port of Oakland.
On March 19, members of the retail industry’s leading trade groups joined in a letter asking President Trump to suspend U.S. tariffs in place on Chinese imports. The tariff suspension would serve as a tool to blunt the economic downturn from the coronavirus pandemic, they said.
As regions of Northern California, including six Bay Area counties, prepared for shelter-in-place orders in response to COVID-19, the Port of Oakland announced on March 16 that it would remain open for business.
In a fast-paced set of events, President Donald Trump signed Phase Oneof the trade agreement between the U.S. and the People’s Republic of China on Jan. 15. The next day, the U.S. Senate approved the United States–Mexico–Canada Agreement, a platform upon which Trump campaigned during 2016 as a replacement for the North American Free Trade Agreement.
The U.S. Senate’s Finance Committee approved the United States–Mexico–Canada Agreement by a 25–3 vote on Jan. 7.
This week, the United States Census Bureau released its “Advance Economic Indicators Report,” which showed a decrease in the international trade deficit. Numbers for international trade in goods recorded in October 2019 stood at $66.8 billion, while advanced figures fell to $63.2 billion in November, a drop of 5.4 percent.
After more than a year of headlines on trade wars, the Trump administration, the U.S. Congress and America’s trade partners wrapped up the year with statements and votes promising that trade deals are close.
One of the largest newsmakers of 2019 was neither a person nor a company but rather a largely impactful issue faced by the apparel industry. In a rocky 2018, the United States implemented 25 percent tariffs on $50 billion in imports from China, and the latter responded with its own reciprocal duties on products from the U.S.
Escalating current tariff and trade drama, the United States Department of Homeland Security’s Customs and Border Protection proposed a revocation of two previous rulings on the definition of athletic footwear, widening the range of these types of shoes, which will thereby increase costs for these products that were previously not subject to athletic-footwear duties.
The Port of Los Angeles, ranked as the No. 1 container port in the United States, announced that it has entered into a five-year memorandum of understanding with the Copenhagen Malmö Port AB, which manages ports in Denmark and Sweden, to collaborate on sustainability and environmental issues.
It was announced Nov. 14 that Danny Wan, a former Oakland, Calif., city councilman was named executive director of the Port of Oakland. He had been serving as the port’s interim executive director for the past year.
As the leaders of the United States and China continue to negotiate new trade terms and navigate through tariff increases implemented on imported goods, the office of the United States Trade Representative made an announcement on Oct. 28 regarding exclusions.