The U.S. banned imports of rayon manufactured by China’s Tangshan Sanyou Group after the U.S. Customs and Border Protection obtained information showing the company uses convict labor to make its products. Products from the Tangshan Sanyou Group will be held at U.S. ports of entry.
U.S. factory orders slid 1.7% in February as demand fell, according to data from the Commerce Department. While the drop was expected, it comes after a 1.2% increase in factory orders during January.
Tesla reportedly received 180,000 orders for the electric carmaker’s Model 3 vehicle in 24 hours of its release. Tesla Chief Executive Elon Musk said the orders generated a $7.5 billion backlog in one day.