Asia still ‘garment factory of the world’ yet faces numerous challenges as industry evolves
“However, challenges such as rising labour costs, production and process automation, ‘reshoring’ and ‘nearshoring’, as well as increased pressure to transition towards a more sustainable business model, with improved wages and working conditions are creating an uncertain future for the industry and workers alike.”
[International Labor Organization]
U.S. port backups are extending into freight rail supply chains
“The two railroads that serve the ports, Union Pacific Corp. and BNSF, say the delays in picking up boxes are being caused by congestion at freight-switching yards thousands of miles inland in logistics hubs like Chicago. Transportation and logistics companies say containers are stacking up there because manufacturers and retailers are too slow to pick up and unload cargo.”
[The Wall Street Journal]
UK proposes new trading system for developing countries
“A day before the heads of Commonwealth governments meeting begins in Kigali on Friday, Johnson will say he wants to start a new trade system to reduce costs and simplify rules for 65 developing countries, including many in the Commonwealth. This will reduce tariffs on foods, clothes and other items by 750 million pounds a year, he will say.”
[EuroNews]
Britain extends steel tariffs in breach of trade rules
“Britain on Wednesday extended a package of tariffs and quotas on five steel products by two years to shield local steelmakers, acknowledging it would breach international trade rules but saying it was needed for the national interest.”
[Reuters]
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