TikTok has entered the logistics sector and is preparing to sell their own products in the U.S. With the recent full rollout of TikTok Shop in the U.S., the company’s next phase includes establishing its own supply chain, referred to as “Fulfilled By TikTok,” and venturing into product creation. Fulfilled By TikTok The initial indications…
Is the U.S. economy heading towards recession or has it already began?
With consumer prices increasing, major companies planning or starting layoffs, jobs becoming unavailable, inventory piling up, and banks pushing higher interest rates, everyone is preparing for a recession, including top CEOs. Layoffs Cartoon Network’s recent merge with Warner Bros., will result in a loss of 125 positions, according to TV group chairman Channing Dungey. However,…
Port congestion most likely to continue
Port congestion most likely to continue throughout the next months as volume increases. Gene Seroka, executive director of the Port of Los Angeles, told JOC.com that weekly imports are “30 to 40 percent higher” than previous years. The Port of Los Angeles and Port of Long Beach both had their busiest February in history and…
COVID-19 disrupts meat supply chain
At least 40 meat processing and slaughtering plants have closed since the start of the COVID-19 outbreak, according to USA Today These closures are beginning to create a meat shortage in America causing grocery stores to limit the amount of products people can buy, fast food restaurants removing hamburgers from their menu, and a potential…
A 10-point action plan to strengthen international trade during pandemic
The United Nations Conference on Trade and Development (UNCTAD) released a 10-point action plan to support and strengthen international trade during the COVID-19 pandemic. UNCTAD stresses the importance of keeping trade going to avoid logistics obstacles that interrupt the distribution of necessary supplies, jobs, and overall global supply chain network disruption that will be hard…
U.S. importers offer a 90-day deferment period for duties, taxes, and fees
Certain importers that faced significant financial loss due to COVID-19, will have the option to partake in a 90-day-deferment period regarding the payment of duties, taxes, and fees on products entered between March-April 2020. To show that importers are experiencing financial loss, importer’s gross receipt must be 60% less than those compared to March-April 2019….
COVID-19 related programs to support small businesses
In order to help the financial crisis due to COVID-19, the Trump Administration implemented the Coronavirus Aid, Relief, Economic Security (CARES) Act. The CARES Act is a $2 trillion relief bill aimed at helping the American economy, $377 billion of the $2 trillion will go to small businesses. The four Small Business Administration programs are…