Delmar International acquired Rotra, a logistics firm that offers freight forwarding, customs brokerage, and warehousing and distribution services, Delmar said in a news release. Rotra is based in Chicago. “The transaction significantly raises the capabilities and size of Delmar’s USA footprint and workforce, which now exceeds two hundred employees, and operates from coast to coast with seven branches throughout the United States,” said Delmar, which is based in Canada. Terms of the deal weren't released.
The Coalition of New England Companies for Trade won't hold its annual conference that was scheduled for March 31 - April 2 in Newport, Rhode Island, “due to growing concerns about Covid-19,” CONECT said on its website. "We are working to reschedule the conference and information will be posted when it is available," it said.
The American Apparel and Footwear Association published the 21st edition of its Restricted Substance List, which provides information on regulations and laws that restrict or ban certain chemicals and substances in finished home textile, apparel and footwear products around the world. The AAFA released the last list in February 2019. The list “serves as a practical tool to help individuals in textile, apparel and footwear companies, and their suppliers -- responsible for environmental compliance throughout the supply chain -- to become more aware of various national and international regulations governing the amount of substances that are permitted in finished home textile, apparel, and footwear products,” the AAFA said.
Half the companies surveyed by the U.S.-China Business Council say that it's too soon to tell if the tariffs in the China trade war were worth it for the gains won at the negotiating table, even as 78 percent of respondents welcome the phase one deal. Companies see the phase one deal -- which takes effect Feb. 14 -- as something that will prevent more tariff hikes. Of those who are directly affected by the commitments in phase one -- 60 percent of the companies -- the purchase promises matter most, with 30 percent saying that's the most relevant plank. Protection of intellectual property was a close second, with 27 percent of companies saying that's most important.
Daimler CEO Ola Kallenius told reporters that Mercedes-Benz's transition plan for auto rules of origin under the U.S.-Mexico-Canada Agreement will take three or four years. Kallenius, who was responding to a question from International Trade Today after a Q&A at the Washington Economic Club Jan. 10, did not say explicitly that the carmaker would be applying for the extension, which would require the company to show how Alabama production -- not just Mexican production at its joint venture with Nissan -- will meet the tougher standards. If it will take Mercedes four years to meet the standard, they would need an extension.
Seko Logistics bought Air-City, a New York-based freight forwarder and cross-border e-commerce company, Seko said in a news release. The terms of the deal were not released but Seko said it was its largest acquisition ever. “Air-City will give us immediate depth in the growing westbound airfreight and cross-border ecommerce trade for goods going to China,” Seko CEO James Gagne said. “Air-City also gives us strategic airfreight volumes and expertise into China as the rising demand for US goods increases along with a rising middle class in China. We have also added strength to our U.S. import services with the all-important ‘Section 321’ and Type 86 entries for e-commerce capabilities that are so critical for cross-border ecommerce into the United States as well as a network of bonded warehouses in the United States.”
A merger between the Global Automakers and The Alliance of Automobile Manufacturers will result in a new trade association called The Alliance for Automotive Innovation, the groups said in a news release. John Bozzella, the former CEO of Global Automakers, will lead the organization, it said.
Commerce Department Huawei export restrictions forced semiconductor maker Xilinx to remove all remaining Huawei-related “revenue expectations” from its financial outlook for fiscal 2020 ending in March, CEO Victor Peng said on a fiscal Q2 call Oct. 23. “Considering the continued trade restrictions with Huawei and the uncertainty presented to our business, we believe it is prudent” to “de-risk” the Chinese company from the forecast, Peng said.
The U.S. and China appear poised to reach some sort of "mini-deal" before the end of the year, said Bank of America global economists Ethan Harris and Aditya Bhave in an Oct. 18 report. "In our view, both sides see the other as being in a weakened negotiating position," the analysts said. "The US can point to the bigger economic slowdown in China than in the US. China can point to President [Donald] Trump’s impeachment investigation and his desire to maintain a healthy economy going into the election. This argues for a relatively balanced 'win-win' deal."
Demand in global air freight markets is being significantly damaged by the U.S.-China trade war, according to the International Air Transport Association. August marked 10 consecutive months of year-on-year decreases in freight volumes, the IATA said, the longest such stretch since 2008. In addition, global export orders are continuing to fall, the association said, and emerging countries may be hurting the most because of their “higher sensitivity” to trade tensions and rising political instability.