Coping with Tariff Rising: Tariff Minimization Strategies
Donald Trump supports tariffs. Ahead of the 2024 election, he called himself a "tariff man" and said tariffs were "the greatest invention ever" and "the most beautiful word in the dictionary."While specific details of Donald Trump's tariff plans have not yet been released, he has made multiple public statements about the tariffs he is considering. At a rally in North Carolina, he proposed imposing 10-20% tariffs on all imported goods. He also said he would impose a 25% tariff on Mexican imports if Mexico did not help curb the flow of immigrants and drugs across the border. He also suggested imposing tariffs of 60% to 100% on Chinese-origin goods.So, what can importers do to prepare? a lot of!First, what are tariffs?A tariff (also called a tariff) is a tax levied by the government on the value of imported products. Tariffs vary by country and specific product. In the United States, tariffs are collected by U.S. Customs and Border Protection (CBP)…
Reduced turnover, rising costs and new safety rules »
How shrinking sales, rising health care costs and OSHA changes are shaping the workplace Author: Exhibition City News Staff As the end of 2024 approaches, changes in the labor market are impacting businesses and their workforce strategies. Employco USA's recent report highlights several key trends, including employee retention, projected increases in healthcare costs, and new workplace safety regulations. Here’s what employers need to know as they prepare for these changes. Fewer employees leaving the company Employee retention improved significantly in 2024, marking a shift from the high turnover rates of recent years. LinkedIn data shows that employee turnover is down 26% compared with 2023, and down 37% compared with the peak of the "big shake" in 2022, when the number of departures hit a record high. A Ringover survey also showed that four out of five workers are unlikely to change jobs before 2025, suggesting a more stable workforce. These findings suggest that as job turnover decreases, employers have an…
Rising freight rates drive global container shipping profits soar
The global container shipping industry posted a sharp rise in profits in the second quarter, with revenues exceeding $10 billion, helped by record cargo volumes and rising freight rates. The growth came after disruptions to Red Sea shipping, a recent analysis showed. Also read: CH Robinson: How shippers can prepare for potential ILA strikes amid growing disruption in North American shipping landscape Net revenues at major container shipping companies, including Denmark's AP Moller-Maersk A/S and China's COSCO Shipping Holdings Co., nearly doubled compared with the first quarter of this year. These profits even exceeded the $8.88 billion in the same period of 2023, as highlighted in a report published on Saturday by industry expert John McCown. McCown expects profits to continue to rise this quarter given the strong performance of international trade. The container shipping industry, which transports 80% of the world's goods, experienced a boom during the pandemic due to strong consumer demand and supply chain disruptions. However, the…
WTO chief Okonjo-Iweala warns of rising protectionism
World Trade Organization (WTO) President Ngozi Okonjo-Iweala warned on Tuesday that the state of global trade is worrying, highlighting rising protectionism amid geopolitical tensions and the climate crisis. Okonjo-Iweala highlighted the future of trade in services, digitalization and the green economy at the launch of the WTO's annual report. See also: WTO Secretary-General Okonjo-Iweala stresses important role of Aid for Trade in empowering developing economies “These are difficult times for global trade. Against the backdrop of geopolitical tensions and the climate crisis, we are seeing a rise in protectionism and unilateral policy measures,” she said. “After years of talk of decoupling, trade may be starting to fracture along geopolitical lines.” Despite these challenges, Okonjo-Iweala noted that digitalization could generate growth and jobs, and she also highlighted the role of trade in strengthening global food security and driving progress towards net-zero emissions. The WTO annual report reviews the organization's activities in 2023 and early 2024. The 13th Ministerial Conference held in…