U.S. Trade Deficit Narrows, Boosting Economy
The U.S Bureau of Economic Analysis released its advance third-quarter gross domestic product report this week showing that the trade deficit narrowed since July, with a rise in exports of goods and services and a decline of import volume. “Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022…” the report says. “In the second quarter, real GDP decreased 0.6 percent.” However, economists say other economic stats, such as consumer sales, indicate that U.S. economic health remains uncertain. Read more from Reuters.
AAEI Co-Signs New Letter on Avoiding Freight Rail Strike
AAEI joined more than 200 trade associations in signing a letter to the White House urging the Biden Administration officials to keep working to avoid a freight rail strike. A major railroad worker union recently rejected a tentative contract deal that was brokered by the Biden Administration last month. A major railroad worker union recently rejected a tentative contract deal that was brokered by the Biden Administration last month. “A rail shutdown would have a significant impact on the U.S. economy,” the letter states, “and lead to further inflationary pressure.” Read the letter.
CBP Adds New ACE Data Requirements Involving UFLPA
U.S. Customs and Border Protection (CBP) recently released its Development Deployment Schedule for the Automated Commercial Environment (ACE) system, which includes new data requirements for Uyghur Forced Labor Protection Act (UFLPA) compliance. It requires companies to obtain and track the postal code of origin for every product with a country of origin of China, even if product is legitimately routed through a third county. See the new ACE Development Deployment Schedule.