By Bloomberg News (Bloomberg) -- China is cementing its status as the world’s dominant trading nation, confounding warnings that a once in a century pandemic combined with simmering tensions with the U.S. would derail that status. Surging global demand for everything from hazmat suits to work-from-home technology has allowed China, which contained the virus months ago, to … [Read more...]
U.S. Violated Trade Rules With Tariffs on China, WTO Says
By Bryce Baschuk (Bloomberg) -- The World Trade Organization undercut the main justification for President Donald Trump’s trade war against China, saying that American tariffs on Chinese goods violate international rules. A panel of three WTO trade experts on Tuesday said the U.S. broke global regulations when it imposed tariffs on Chinese goods in 2018. Washington has … [Read more...]
Port of Long Beach Reports Best August Ever Amid COVID-19, Trade War Uncertainty
The Port of Long Beach had its best August in its 109-year history, marking a strong start to the peaking shipping season despite lingering economic uncertainty due to the COVID-19 crisis, the port reported Wednesday. Dockworkers and terminal operators last month moved 725,610 twenty-foot equivalent units (TEUs) of container cargo, a 9.3% increase compared to August 2019. … [Read more...]
U.S. and China Signal Progress on Trade Deal as Relations Fray
By Bloomberg News (Bloomberg) -- The U.S. and China reaffirmed their commitment to the phase-one trade deal in a biannual review, demonstrating a willingness to cooperate even as tensions rise over issues ranging from data security to democracy in Hong Kong. The two countries discussed steps China has taken, including ensuring greater protection for intellectual property … [Read more...]
Port of Los Angeles Cargo Volumes Down 17% in First Half 2020
More than 776,000 fewer twenty-foot equivalent cargo containers moved across the docks at the Port of Los Angeles in the first half of 2020 compared to last year due to combined impacts of the coronavirus pandemic and the on-going Trade War with China. The port's executive director Gene Seroka announced the June and first half 2020 numbers in a wide-ranging mid-year … [Read more...]