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Global Trade & Economics: Page 239

Americans Buy Goods Over Services as Virus Lingers

American consumers are showing little sign of returning yet to their normal balance of spending on services over goods, with a heavy reliance on imported products, according to two indicators based on shipping data.

A truck carries a shipping container at the Georgia Port Authority Mason Mega Rail Terminal in Garden City, Georgia. Photo: Bloomberg.

Global Food Prices to Stay High on Labor Crunch, Cargill CEO Says

Food prices will likely stay elevated in 2022 as disruptions to the global supply chain are set to persist, according to the head of Cargill, who highlighted labor shortages as one of the biggest risks facing the industry.

A gantry crane loads a shipping container filled with corn for export from a grain terminal operated by Cargill Inc. Photo: Bloomberg.

U.S. Aims to Begin New Asia Framework in 2022, Raimondo Says

The U.S. intends to initiate a new economic framework for the Indo-Pacific in 2022, Commerce Secretary Gina Raimondo said, as the Biden administration aims to reinvigorate America’s standing in the region.

Gina Raimondo, U.S. commerce secretary, speaks during an event in Washington, D.C. Photo: Bloomberg.

Container Shipping Rates May Take Two Years to Fall to Normal

Ocean freight rates, which have pummeled retailers and manufacturers throughout 2021, may take more than two years to return to normal levels if past market cycles are any guide.

Vessels loaded with shipping containers are docked at the Yangshan Deepwater Port in Shanghai, China. Photo: Bloomberg.

Foldable Shipping Containers? New Design Seen as Cure for Logjams

Few tools of the global economy have survived without major innovations as long as the shipping container. The supply ructions around the world are presenting an opportunity to test that incumbency.

Foldable Containers

White House Spurns Intel Plan to Boost Chip Production in China

The Biden administration spurned a plan by Intel Corp. to increase production in China over security concerns, dealing a setback to an idea pitched as a fix for U.S. chip shortages.

Photo: Bloomberg

Zero-Carbon Shipping Plan Targets Container, Iron Ore Routes

The Clydebank Declaration on green shipping was unveiled Wednesday at the COP26 climate summit in Glasgow, Scotland, and signed by 19 nations including the U.S., U.K., Japan, France and Germany.

A banner advertises the COP26 climate talks in Glasgow, U.K. Photo: Bloomberg.

Ships Queues Worsen Port Delays From Singapore to Piraeus

The pileup is the latest logistical knot in global supply chains, with satellite shipping data allowing for real-time monitoring of port issues globally.

An LNG powered container ship operated by CMA CGM SA is docked at the Port of Singapore. Photo: Bloomberg.

Fed Confronts Economy With Most Widespread Shortages Since 1970s

Federal Reserve officials meet this week as consumers and companies fret the U.S. economy is facing the most widespread supply crunch since the oil crisis of 1973.

1101 Supply Shortages

Biden Announces New Steps to Address Supply Chain Disruptions

President Biden took several steps to address supply chain problems as he met leaders from major global economies to address recent disruptions.

U.S. President Joe Biden delivers an address to the nation. Photo: Bloomberg.

U.S., EU Strike Trade Deal to Remove Steel, Aluminum Tariffs

The U.S. and the European Union have reached a trade truce on steel and aluminum that will allow the allies to remove tariffs on more than $10 billion of their exports each year.

European Union and United States flags stand in a row. Photo: Bloomberg.

U.S. Is Global Outlier With Longer Supply Chain Delays: IIF

The U.S. is suffering longer delivery delays than other economies, according to the latest research by the Institute of International Finance.

Freight trucks idle at the Port of Los Angeles. Photo: Bloomberg.

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