Afternoon Coffee: U.S.-China trade talks likely to drag on; Asian imports rise; ‘Buy American Act’ to affect iron, steel

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Two developments indicate that U.S.-China trade negotiations will drag on: China’s addition of a new negotiator, who is seen as a hardliner, and President Donald Trump said the recently restarted talks with China won’t see results soon, according to a CNBC report.

“Trump said Tuesday that there’s still a long way to go to reach a deal with China, threatening to slap tariffs on another $325 billion of Chinese goods,” CNBC reports.

China’s imports to U.S. fall but Asian imports rise: report

Growth in manufactured goods imports into the United States from the 14 largest low-cost country (LCC) trading partners in Asia rose by $66 billion, or 9%, for 2018, according to the annual report from the consultants at AT Kearney. This was the biggest annual increase since the beginning of the economic recovery.

‘Buy American Act’ to affect iron, steel

A new executive order by President Donald Trump means federal agencies will have to purchase products using more American components, the AP reports, stating:

“Trump said his order will gradually boost the percentage of U.S. components for qualifying American-made products from 50% to 75%. He said the threshold would increase to 95% for iron and steel products.”

Container lines formally sign on to GSBN blockchain platform

CMA CGM, Hapag-Lloyd and Cosco have formally joined the Global Shipping Business Network (GSBN), an ocean shipping blockchain initiative, Supply Chain Dive reports. They had agreed to come on board last November.

Blockchain may help deal with common problems in ocean shipping. “Visibility has often been a point of contention between shippers and ocean carriers, with a lack of transparency spiraling into further supply chain challenges, such as long dwell times and demurrage fees,” the Dive reports.

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