Weekly Newsletter

US has exempted sectional Chinese goods from tariffs

The Office of the United States Trade Representative (USTR) announced that in response to the COVID-19 pandemic, it will extend the 301 tariff exemption on Chinese medical products for another 90 days to February 28, 2023. The previous exemption period was set to end on November 30 and had been extended several times.

Recently, with the approval of The State Council, the Tariff Commission of The State Council released the ninth List of goods subject to additional tariffs from the United States for extension. The Announcement of The State Council Tariff Commission on the Seventh List of Goods subject to Additional Tariffs from the United States for Extension of Extension (Commission Announcement No. 4, 2022) extends the exclusion period for related goods. From December 1, 2022 to May 31, 2023, China will continue to refrain from additional tariffs imposed by China in response to the US Section 301.

South Korea's exports fell 14 per cent from a year earlier

According to the Ministry of Trade, Industry and Energy, South Korea's exports in November fell 14 percent year-on-year to 51.91 billion U.S. dollars, while imports rose 2.7 percent year-on-year to 58.93 billion U.S. dollars. The trade balance posted a deficit of 7.01 billion dollars, the first time in 25 years that the deficit has been recorded for eight consecutive months.

Q4 container industry is still in the "ebb tide" stage

According to the Economic Daily, the GDP growth of the world's major economies has slowed down significantly. Combined with the impact of the COVID-19 pandemic and high inflation, the growth of external demand has been sluggish and even started to shrink. Overall judgment, the fourth quarter container industry is still in the "ebb tide" stage.

Maersk and IBM announced the discontinuation of TradeLens

Recently, Maersk announced that it will start to shut down the shipping blockchain platform TradeLens, which was jointly launched by IBM in 2018. It is expected to go offline in the first quarter of next year. In the past two years, China United Shipping, COSCO Shipping Bulk Shipping and COSCO Shipping Special Shipping have also joined the alliance.

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