This week, the US delays additional tariffs on imports from certain European countries, while global supply chains face disruptions due to shipping lane challenges. Meanwhile, negotiations between major rail operators and a labor union in Canada stall, raising concerns of a potential work stoppage. Additionally, Wall Street monitors the situation closely for potential impacts on rail companies’ shares. Read the full articles below for more insights.
Weekly Freight Report: February 23, 2024
February 21st, 2024
Tariff Threat Pushed Back Again in Digital Tax Dispute
The U.S. has delayed imposing additional tariffs on imports from Austria, France, Italy, Spain, and the United Kingdom due to disagreements over digital services taxes, opting to extend the suspension until June 30, 2024, pending ongoing OECD negotiations aiming to reach a multilateral agreement on the issue.
Why U.S. Imports From Mexico Surpassed Those From China
New U.S. Census Bureau data shows the United States importing more goods from Mexico than from China. Will the shift change the global trading landscape?
Despite Problems in the Red Sea and Panama Canal, Shipping Costs Are Falling
Global supply chains are experiencing delays and cost increases due to disruptions in key shipping lanes like the Red Sea and the Panama Canal. Despite ongoing challenges, recent adjustments in shipping routes and increased vessel deployment have helped alleviate some of these issues, with other segments of the supply chain remaining stable.
Teamsters Canada Warns Rail Strike Looms Over Pay, Hours at CN, CPKC
Canada’s major rail operators, CN and CPKC, face a potential work stoppage as talks with the Teamsters Canada union stall over working conditions and wages. The union accuses the companies of prioritizing profits over safety, while the railroads maintain they’ve proposed solutions compliant with regulations.
