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Industries We Serve
What’s happening in the world affects your business. We find out the latest news and updates and share it with you here and in our weekly industry update newsletter.
National Council of Textile Organizations (NCTO) president and CEO Kim Glas sent a letter to Robert Fairweather, acting director of the Office of Management and Budget (OMB) on Wednesday requesting the agency reconsider and approve a proposal made at the end of the Trump administration to direct U.S. Customs & Border Protection (CBP) to collect Section 301 penalty duties on billions of dollars of Chinese goods currently shipped duty free under Section 321 de minimis waivers.
U.S. trucking companies are scrambling to hire more drivers as roaring consumer demand and tight shipping capacity stoke a resurgent freight market. Knight-Swift Transportation Holdings Inc., the largest truckload carrier in North America, is the latest trucking company to raise pay. It said last week that its wages for recently certified drivers have jumped by 40% or more in recent months.
Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers. The price for a container of goods from China to the U.S. West Coast and European ports has hovered near record highs for several months, and conditions are ripe for more increases even though spot rates usually soften this time of year. What’s more, new contracts being signed by some of the biggest U.S. importers indicate the spike won’t be a short-term blip.