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Turkey plans to build a railway connecting the Persian Gulf, Mediterranean, and Black Sea as part of its Cotton Road initiative, aiming to provide new trade routes between China and Europe, reduce transportation costs, and compete with the Belt and Road Initiative.
The EUs Zero Deforestation Regulation aims to reduce deforestation and carbon dioxide emissions, impacting companies producing goods containing materials like rubber and palm oil. It mandates strict raw material traceability, with non-compliant entities facing fines.
The Canadian government announced that starting October 1, it will impose a 100% surtax on electric vehicles originating from China. This additional tax will be applied on top of the existing 6.1% tariff, significantly increasing the cost of Chinese EVs entering the Canadian market and impacting Sino-Canadian trade relations.
According to data released by the General Administration of Customs, Chinas total import and export value in the first seven months of this year reached 23.55 trillion yuan, a year-on-year increase of 0.4%. Exports totaled 13.47 trillion yuan, up 1.5%, while imports reached 10.08 trillion yuan, down 1.1%.
In the first half of 2023, Chinas total installed capacity of renewable energy exceeded 1.3 billion kilowatts, a year-on-year increase of 18.2%, surpassing coal power for the first time in history. Significant progress has been made in wind power, photovoltaic power generation, and new energy storage technologies. This data reflects Chinas efforts and achievements in promoting energy transition and sustainable development.
Political unrest in Bangladesh has caused international brands to worry, leading them to shift footwear and apparel orders from the country to Southeast Asian nations. This has severely impacted Bangladeshs garment and textile industry, which heavily relies on international orders, potentially reshaping the global supply chain landscape.
Recently, CMA CGM announced the implementation of a new Peak Season Surcharge (PSS) for the Asia-South Africa route and adjusted freight rates for the Asia-Northern Europe route. The new PSS will take effect from August 21, with a charge of $300 per TEU, applicable to cargo from Northeast Asia, Southeast Asia, and all regions of China to South Africa. Additionally, starting August 1, the company will increase freight rates for the Asia-Northern Europe route, with new rates set at $1,075 per 20 dry container and $1,950 per 40 dry container, high cube, or reefer container.
U.S. transportation giant Yellow Corp. announced its shutdown, ceasing operations immediately, which will result in approximately 30,000 employees losing their jobs. This marks the largest bankruptcy in the history of the U.S. trucking industry. The company has about $1.5 billion in unpaid debts and is facing a cash shortage, with some major clients having suspended cooperation. This shutdown may trigger a series of supply chain issues, further straining global supply chains.
Brazils tax reform could raise its VAT rate to 27.97%, surpassing Hungary to become the highest globally. The government has introduced zero VAT on essential goods to alleviate pressure on low-income groups, but the high rate may increase costs for other goods and impact the economy.
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