On February 26, 2019, Walmart revealed changes to their On-Time In Full (OTIF) requirements to suppliers at the Walmart Supplier Summit. Our Retail Consolidation team at Prime Distribution Services, An Ascent Global Logistics Company, would like to share details of Walmart’s new OTIF update highlighted during this year’s Walmart Supplier Summit.
Over the weekend, the US Administration announced that it would postpone increasing S301 List 3 tariffs. The United States and Chinese President Xi Jinping plan to meet to reach a final trade agreement.
Over the last several months, there have been a number of key updates to S232 Tariffs and S301 Tariffs Lists 1-3. In addition, the United States and China continue to hold trade talks. Last week in Beijing, key officials from the United States and China outlined a “10-item list of ways China can reduce its trade surplus with the US."
Congress has requested that the office of the United States Trade Representative (USTR) create the formal exclusion process for products outlined under the S301 List 3 tariffs. These tariffs for $200 billion worth of imports from China are scheduled to increase from 10 percent to 25 percent on March 2, 2019.
Now that 2019 is underway and our clients are actively planning for the rest of the year, industry experts predict that demand for industrial technology and manufacturing will continue to grow. Therefore, now is the time for manufacturers of industrial goods to make sure they have complete visibility and control over all aspects of their supply chains. Companies will need a partner to provide them with the right mixture of technology and personalized service through all aspects of their logistics needs.
Impending US Government Shutdown Averted
On the afternoon of February 15, 2019, US President Donald Trump signed an emergency spending bill to avert a partial government shutdown. The legislation provides $333 Billion worth of funding to several key Cabinet agencies through September 2019.
New England Motor Freight (NEMF) announced on February 11, 2019 that it voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of New Jersey in Newark. For more information, click here to read the official press release from NEMF.
In February, we often celebrate Valentine’s day with candy and flowers for the people who have a special place in our heart. This month’s compliance circular is going to focus on some of the people at the heart of the international freight forwarding industry, the Customs Brokers. As early as 1799, Customs Brokers were called “known agents or factors” and could make entry on behalf of cargo owners who were unable to do so, for a variety of reasons.
Cargo insurance is one of the most proactive steps companies can take to protect their supply chain. Insurance safeguards shippers' financial investments during domestic and international transit, when product is the most vulnerable. While in transit, cargo is susceptible to natural disasters, severe weather, theft, pilferage, damage, fire and other challenges.