Forecasters Lower US Consumer Goods Import Projection for First Half of 2023
The National Retail Federation (NRF) and Hackett Associates, a maritime trade consultancy, released their forecast for U.S. imports and say they project a 23% drop in U.S. container imports for the first half of this year. Hackett Associates blames high inflation and inventory surpluses. Read more from Reuters.
Semiconductor Summit in DC Next Week
The U.S. will host the first Semiconductor Summit next week in Washington, DC, an event that stems from January’s North American Leaders’ Summit (NALS) during which leaders from the U.S., Canada and Mexico agreed to cooperate on semiconductor production. The DC summit on May 19, 2023 will involve the three countries’ top trade leaders. President Biden and Canadian Prime Minister Justin Trudeau will be at the G-7 leaders’ summit in Hiroshima, Japan, next week. See the White House statement on the North American Leaders’ Summit.
U.S. to Host Indo-Pacific Economic Framework Ministerial in Detroit This Month
The U.S. is hosting a ministerial meeting of the Indo-Pacific Economic Framework (IPEF) in Detroit later this month. The IPEF’s third negotiating round is underway this week in Singapore. “The ministerial will be an opportunity for Ministers to review current progress on the work to date,” said Secretary of Commerce Gina Raimondo in a statement last week, “and provide additional direction to the negotiators to advance progress on the framework’s four pillars.” The IPEF’s four pillars are Trade, Supply Chains, Clean Economy, and Fair Economy. Read the DOC and USTR statements.
CBP Ending Travel Restrictions at Canada, Mexico Land Ports of Entry
U.S. Customs and Border Protection (CBP) is ended Covid-19-related travel restrictions at land port of entry as of Friday this week, including the vaccine requirements for truck drivers based in Canada and Mexico. The mandate began in January 2022 for foreign drivers. CBP’s notice of termination of restrictions also applies to ferry terminals along the U.S.-Mexico border. See the CBP notices for land ports of entry and ferry terminals.