The U.S. Supreme Court left intact President Donald Trump’s 25% tariffs on imported steel products, rejecting an industry trade group challenge that sought to strip the president of a powerful legal tool for imposing duties.
The rebuff marks the second time the justices have turned away the American Institute for International Steel on Trump’s tariffs. The court made no comment in refusing to hear the group’s appeal.
The appeal contended that the provision Trump invoked, known as Section 232, gives the president such broad discretion to impose tariffs on national security grounds that it violates the Constitution.
The U.S. is weighing new tariffs on $3.1 billion of exports from France, Germany, Spain and the U.K., adding to an arsenal the Trump administration is threatening to use against Europe that could spiral into a wider transatlantic trade fight later this summer.
The U.S. Trade Representative wants to impose new tariffs on European exports like olives, beer, gin and trucks, while increasing duties on products including aircrafts, cheese and yogurt, according to a notice published late Tuesday evening. The statement lays out a month-long public comment period ending July 26.
European stocks fell by the most in a week, weighed down by concerns about outbreaks of the Covid-19 virus and renewed worries about trade tensions between the U.S. and Europe. Shares of beverage stocks, luxury-goods companies and truck makers were among the losers.
Trucking industry association the International Road Transport Union (IRU) is calling on the EU to hand the industry €75bn in post-coronavirus recovery support.
The demand follows news of the EC’s proposed €750bn coronavirus recovery fund.
Raluca Marian, general delegate of the IRU’s permanent delegation to the EU, said today: “According to our calculations, and given the huge loss our industry has experienced and is still expecting, we need an envelope that amounts to about 10% of this budget for the trucking industry to embrace the future and focus on decarbonisation, digitisation and infrastructure.”
Source: The Loadstar
The shipping industry has largely experienced a smooth sailing six months into the implementation of IMO 2020, though dispute cases are expected to increase and even drag on, according to an industry panel speaking during the Informa Markets Digital Maritime Week.
The IMO 2020 global regulation on curbing sulphur emissions from ships was a very much anticipated event for the shipping industry, which has shown “tremendous resilience in coping with the use of very low sulphur fuel oil (VLSFO)”, said Lloyd’s Register (LR) regional consultancy manager Douglas Raitt, who was one of three panelists touching on the topic of IMO 2020: Industry Implementation Update, held by Seatrade Maritime News.
Source: Seatrade Maritime
The northeast Chinese port operator Dalian port is planning to merge with its neighbouring port of Yingkou.
Dalian port plans to contemplate a proposed merger by absorbing Yingkou Port and a related issue of new A shares by the company to raise supporting funds.
The two parties have already signed merger intention agreement for further negotiation on detailed merger plans.
Source: Seatrade Maritime
The Trump administration is considering re-imposing tariffs on aluminum imports from Canada and an announcement could come by the end of the week, according to people familiar with the matter.
If Canada refuses to impose export restrictions on aluminum, the U.S. will announce Friday the re-imposition of 10% tariffs on aluminum from the country and implement the tariffs by July 1, according to the people, who asked not to be identified because the information isn’t public.
Following April, which posted its largest annual seasonally-adjusted (SA) decline since April 2009 and its largest decline for any month going back to 1994, truck tonnage saw some improvements in May, according to data issued today by the American Trucking Associations (ATA).
The ATA’s advanced SA For-Hire Truck Tonnage Index for May—at 106.1 (2015=100)—was down 1% in May, following a 10.3% (downwardly revised from -12.2%) April decrease, which came in 107.2. On an annual basis, May SA tonnage was down 9.6%, which ATA said represents the largest annual decline going back to 2009 during the Great Recession of 2008-2009, with the caveat that SA tonnage is not falling at the same rate as it was during that period.
Source: Supply Chain 24/7