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Freight Forwarding Weekly: Imports to slow in February ’23 🚢

Top Freight & Logistics Headlines from the week

📣 More Deglobalization? Made in America Mandates for Infrastructure¬†

In his third State of the Union address, President Biden announced tougher made-in-America mandates for federal infrastructure projects: “American-made lumber, glass, drywall, fiber optic cables, and on my watch, American roads, American bridges, and American highways will be made with American products.” Biden noted that such a requirement has been law since 1933, but has become so weakened by a swiss cheese of exceptions that a renewed mandate is necessary.

Biden also lauded progress in six consecutive monthly drops in inflation. More ammunition for team transitory?

Biden’s SOTU address (written) @ the White House website // Watch SOTU on YouTube

🛍️February import volumes expected to be the lowest in three years

The National Retail Federation announced that import volumes for February 2023 are expected to be at their lowest in the past three years. Jonathan Gold, the federation‚Äôs vice president for Supply Chain and Customs Policy, explained that ‚ÄúFebruary is traditionally a slow month.‚ÄĚ What is different is that these numbers are lower, compared to the last three years suggesting a slow down in trade and a slump in volumes.

National Retail Federation press release

🤝 New data shows U.S. and China hit record highs despite tensions

Despite the meme-worthy spy balloon row between the United States and China, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis released data indicating that trade between the two countries hit a record high, with U.S. imports from China soaring to $536.8 billion in 2022. U.S. export volumes to China also rose to $153.8 billion.

BBC coverage // Bureau of Economic Analysis press release

🌱 EPA‚Äôs WOTUS rule challenged by governors, lawmakers, and industry

A coalition of Republican governors, lawmakers, and industrial groups are calling on the Biden administration to prevent the WOTUS (Waterways of the U.S.) rule from entering into force. The rule, which would expand EPA authority over a wider range of navigable waters and wetlands, is currently being challenged in a Supreme Court case. We are closely following this dispute, the outcome of which will have implications for large swaths of the U.S. economy, from agriculture, to maritime transport.

The Waterways Journal reporting

⚠️Other stories we‚Äôre tracking‚Ķ ⚠️

📈 BY THE NUMBERS: Important numbers impacting freight and logistics

⛽ Diesel: $4.539 / gal¬† (⬇️ from $4.622 last week) – Source: EIA

✈️ Air Cargo Index (Dec ‚Äė22): 199.9 (⬆️ from 192.4 in Nov ‚Äė22) – Source: FRED

🚢 Global Container Index: $2,062 (⬇️ from $2,214 last week) – Source: Freightos

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