Weekly Trade Roundup

September 21, 2022

FMC Commissioner Discusses “Port Bottlenecks” with AAEI

Federal Maritime Commissioner Rebecca Dye was a guest speaker on port congestion this week at AAEI’s Transpacific Committee meeting, discussing the agency’s expanded power stemming from the Ocean Shipping Reform Act of 2022 (OSRA) and her Final Report for Fact Finding No. 29, which includes recommendations for ocean carriers such as requiring them to have compliance officers. Commissioner Dye also discussed possible regulatory solutions to clear out “port bottlenecks.” Read the FMC’s Final Report for Fact Finding No. 29.

Rare Earth Magnets from China Get Pass on Tariffs

The Biden Administration reportedly has decided against applying national security tariffs on imports of neodymium magnets from China, Japan and the EU. The rare earth magnets, which are mainly sourced from China, are used to make clean energy products like electric vehicles and wind turbines. The decision is seen as slight reduction in the U.S.-China trade tension. Last week, the Biden Administration announced coordinated actions to expand U.S. offshore wind energy. Read the White House statement.  

White House Announces Team to Oversee CHIPS

The White House announced the leadership team that will oversee implementation and spending related to the CHIPS and Science Act. Aaron “Ronnie” Chatterji, who was chief economist at the Commerce Department,  will serve as the White House Coordinator for CHIPS Implementation at the National Economic Council (NEC). He will lead a new team to coordinate the law’s historic $50 billion investment in the semiconductor industry. Read the White House announcement.

U.S.-U.K. Trade Deal Not Likely Anytime Soon

Progress appears halted, at least for now, in negotiating a U.S.-U.K. trade deal. Despite ongoing cooperation on collaborating “to advance mutual international trade priorities rooted in our shared values,” national security concerns are the main topics today when President Biden and new British Prime Minister Liz Truss meet at the United Nations. Read more from Reuters.