The latest news shows that the Asian Clearing Union (ACU) - a regional multilateral trade clearing institution composed of nine Asian countries - plans to launch a new cross - border financial settlement system in June this year. This system is regarded as an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system.
Recently, the pressure from the US supply chain crisis has further intensified. On one hand, nearly 130,000 US truck drivers have been banned from driving due to drugged driving, with a significant portion of those who failed the test not participating in return-to-work programs, resulting in continued severe driver shortages in the trucking industry. On the other hand, a new round of strike actions by West Coast port workers has disrupted cargo operations at major US West Coast ports, with some ports even closed due to the strikes.
On May 17, 2023, local time Wednesday, the European Commission officially released the proposal titled EU Customs Reform: A Data-Driven Vision for a Simpler, Smarter, and Safer Customs Union, marking the most comprehensive reform of the EU Customs Union since its establishment in 1968.
Data shows that in April, Chinas automobile production and sales reached 2.133 million and 2.159 million units respectively, with year-on-year growth of 76.8% and 82.7%. Among them, passenger vehicle production and sales reached 1.778 million and 1.811 million units, with year-on-year growth of 78.5% and 87.7%.
It is reported that since June 1, 2023, for all automobiles and motorcycles declared for import through Shanghai Customs, after the imported vehicles have completed the release procedures and passed the inspection, a pilot issuance of a combined two - certificates Certificate will be carried out.
In 2022, Vietnams economy grew by 8.02%, reaching a 25 - year high. However, in the first quarter of 2023, GDP only grew by 3.32% year - on - year, lower than market expectations.
On the second anniversary of U.S. President Joe Bidens Inflation Reduction Act and CHIPS and Science Act, many large-scale projects face delays or stagnation, with nearly 40% of projects behind schedule. The manufacturing reshoring plan has encountered setbacks, and policy implementation faces multiple challenges, including market and political uncertainties.
Recently, data from Freight Waves SONAR, a provider of supply - chain heat maps, showed that the number of ocean - freight arrival orders in April decreased by half year - on - year, which has raised market concerns about a further slowdown in the US economy.
Recently, the U.S. Consumer Product Safety Commission (CPSC) issued a Notice of Proposed Rulemaking (NPR) concerning safety standards for button batteries and related consumer products. This new requirement aims to eliminate or sufficiently reduce the hazards of children aged 6 and under ingesting button or coin batteries, and will be implemented on button batteries and related products exported to the U.S.
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