GHY Tradelines

(STR Trade Report)

U.S. Customs and Border Protection has announced that it will begin billing for the merchandise processing fee increased that was retroactively effective on Oct. 1, 2011. CBP did not begin accepting the new MPF rate until Nov. 5 but could not begin the retroactive billing process for merchandise entered between Oct. 1 and Nov. 4 until the refund processing was completed for the Generalized System of Preferences, Andean Trade Preference Act and Andean Trade Promotion and Drug Eradication Act retroactive renewals.
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(Forbes)

Executives at U.S. steel makers got a little break from international trade lawyers early this weekend. The World Trade Organization ruled in favor of the United States late Friday in a case against import duties imposed by China on a specialty steel product used in power transformers.

The product is grain-oriented electrical steel, also known as grain-oriented silicon steel, used for the cores of high-efficiency transformers, electric motors and generators.

“With respect to each of the 11 programs at issue, the panel concluded that China had acted inconsistently” with WTO rules governing the use of countervailing duties, the panel said in its ruling. Read more here.
 

(Lloyds Loading List – Mike Weir)

Freight survey returns gloomy short-term results but points to positive six-month outlook

Freight forwarders on the world’s main trade routes have expressed falling confidence for the month of June in both the air and sea sectors.

According to the latest Stifel Nicolaus Logistics Confidence Index, sea freight confidence fell to 45.7 from 45.9 in May, while air sector confidence now stands at 43.5 compared with 44.4 the previous month.

A result below 50 is regarded as negative sentiment while a result in excess of 50 implies that survey participants are more optimistic. Read more here.