China and the U.S. are shipping goods to each other at the briskest pace in years, making the world’s largest bilateral trade relationship look as if the protracted tariff war and pandemic never happened.
Andrew Viteritti, commerce and regulations lead with The Economist Intelligence Unit, shares the conclusions of a recent whitepaper that predicts no major shift of manufacturing from Asia to North America over the next four years.
Congestion from an influx of goods continues to overwhelm port terminals, exhaust warehouse space and strain transportation connections like trucks and rail depots.
The dispute focuses on how to calculate the percentage of a vehicle that comes collectively from the three countries under the U.S.-Mexico-Canada agreement that took effect last year.
Container shipping rates from Asia to the U.S. and Europe increased to new record levels over the past week, ensuring transportation costs will stay elevated for companies heading into a peak season for rebuilding inventories.
The U.S. Senate passed a bill that would ban all goods from or made in China’s Xinjiang region unless importers can prove they weren’t made with forced labor, a move that could potentially have widespread implications for the solar industry.
The European Union rolled out a climate plan that will transform every corner of its economy — from how people heat their home to the cars they drive — as the bloc uses a massive overhaul of rules to position itself as a global leader on the environment.