Afternoon Coffee: Top Walmart Sourcing Executive Now Leading at Target, NAFTA Negotiations Likely to Continue into 2019

Retailer Target announced a major hire Monday in William Foudy, Jr., a former global sourcing executive at Walmart who will now lead operations as president of Target Sourcing Services, Supply Chain Dive reports. Foudy has 25 years of experience in sourcing, including positions at Adidas and Nike. Target has 14 sourcing services offices around the world, which facilitate production in 34 countries.

NAFTA Update

If trade negotiators are unable to strike a deal on the rewrite of the North American Free Trade Agreement (NAFTA) by Thursday, the U.S. Congress would likely be unable to push a new trade pact through to ratification by the end of the year, according to the Wall Street Journal. Based on the state of the talks, the deadline is unattainable, as major disagreements still exist among all three parties.

Japanese Economy 

Bringing its longest run of expansion in a decade to a close, Japan’s economy contracted more than expected in the first quarter of the year, CNBC reports. GDP shrank by 0.6% on an annualized basis, whereas economists had predicted only 0.2%, although the contraction will likely be temporary.

Inflation Expectations 

And finally, a U.S. economic update: Consumers are expecting to see prices continue to rise, according to a New York Fed survey, with one metric for the inflation rate likely hitting 3% in April, the Wall Street Journal reports.

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