Jeffry Bartash of MarketWatch reports that import prices showed the biggest increase in almost two years as Middle East disruptions added to inflation pressures. Bartash writes: The numbers: The cost of imported goods jumped 0.8% in January, marking the first increase since last fall and the biggest rise in almost two years. The higher cost of imported goods was fueled in part by rising gas prices, but most other categories also showed increases. Import prices minus fuel rose 0.7% last month, the government said Some economists said the increase in import prices was tied in part to … [Read more...]
New York to Create ‘Blue Highways’ With New Shipping Hubs
Ramsey Khalifeh of the Gothamist tells his readers that New York City plans six new waterfront shipping hubs to replace truck freight with barges. He writes: New York City officials plan to turn six waterfront locations into maritime shipping hubs as a way to handle the booming number of e-commerce deliveries across the five boroughs. Details of the initiative were published on Friday through a request for proposals by the city Economic Development Corporation. It marks the latest step in Mayor Eric Adams’ “Blue Highways” plan to shift more of the city’s freight off the streets and onto … [Read more...]
Tariffs – A Game of Chess
Greg Ip of The Wall Street Journal reports that you haven't seen anything yet regarding tariffs on China. Could we see a 60% rate? He writes: The U.S. trade deficit with China fell last year to its lowest in over a decade. This looks, at first glance, like a decoupling of the two economies thanks to the steep tariffs President Donald Trump slapped on Chinese imports in 2018. Trump is spoiling to finish the job, floating a 60%, or higher, tariff on all Chinese imports if he’s re-elected this fall. [...] The catch is that Chinese companies are playing that game too. To get around American … [Read more...]
Houthis Aided by Iranian Military Advisers and Technology
Benoit Faucon and Warren P. Strobel of The Wall Street Journal tell their readers how Iranian military technology and advisers have aided Houthi attacks in the Red Sea. They write: Iran is sending increasingly sophisticated weapons to its Houthi allies in Yemen, Western officials and advisers say, enhancing their ability to attack merchant vessels and disrupt international commerce despite weeks of U.S-led airstrikes. The Houthis, once derided as a ragtag militia operating in Yemen’s arid backcountry, have emerged as one of Iran’s most capable proxies, these officials and analysts say, due … [Read more...]
New Round of Strikes Target Houthi Underground Storage Facility
Al Jazeera reports that the United States and the United Kingdom have launched a new wave of strikes on Houthi targets in Yemen as the Iran-aligned armed group continues to target commercial shipping in the Red Sea. They write: A joint statement from the two countries said they had carried out eight strikes on Monday night, with support from Australia, Bahrain, Canada and the Netherlands, targeting a Houthi underground storage site as well as missile and surveillance capabilities. “These precision strikes are intended to disrupt and degrade the capabilities that the Houthis use to threaten … [Read more...]
California Ports Record Year-Over-Year Increases
Paul Berger of The Wall Street Journal reports that labor peace and canal disruptions are helping bring back supply chains to California ports that previously drifted to the Gulf Coast and East Coast gateways. He writes: U.S. importers are rediscovering the lure of Southern California ports. Trade is swinging back to the ports of Los Angeles and Long Beach after a period in which pandemic-driven shipping disruptions and broader shifts in manufacturing pushed supply chains more heavily toward Gulf Coast and East Coast ports. The Southern California ports in September, October and … [Read more...]
Economic Gap Between Europe and U.S. Could Widen
Paul Hannon and William Boston of The Wall Street Journal are reporting how Europe is again on the front line of the latest geopolitical tensions, a development that threatens to widen the economic gap between it and the United States. They write: For the second time in three years, a conflict in Europe’s unruly neighborhood is threatening to weaken an already struggling economy while a more robust U.S. is watching from a safer distance. This time, attacks by Houthi rebels in Yemen targeting cargo ships in the Red Sea have persuaded more carriers to opt for the safer but longer and more … [Read more...]
New Round of Airstrikes Rock Houthi Targets
Patrick Wintour of The Guardian reports that the U.S. military has launched a fourth wave of missile strikes against Houthi-controlled sites. The strikes came after a U.S. bulk carrier, Gibraltar Eagle, was hit by an anti-ship ballistic missile. The U.S. and its allies are focused on protecting the vital trade route in the Red Sea. Wintour writes: The strikes were launched from the Red Sea, hitting more than a dozen sites – the officials told the AP news agency – and came after a drone launched from areas controlled by the Houthis hit a US-owned vessel in the Gulf of Aden. The … [Read more...]
Houthi Rebels Targeting U.S. Ships Now
Benoit Faucon and Costas Paris of The Wall Street Journal are reporting Houthi rebels have turned their sights to U.S. ships after air strikes. A U.S.-owned containership was struck, and a Navy destroyer was targeted as attacks became more widespread and indiscriminate. They write: Fresh attacks targeted American ships in the Middle East, days after the U.S. led a round of strikes meant to blunt the capability of Iran-backed Houthi rebels to hit ships transiting the Red Sea. Late Monday, Iran’s Islamic Revolutionary Guard Corps claimed an attack targeting what it called Israeli spy bases … [Read more...]
U.S.-Led Coalition Strikes Dozen of Houthi Targets
Nancy A. Youssef, Benoit Faucon, Saleh al-Batati, and Costas Paris of The Wall Street Journal are reporting that the Iran-backed group defied an ultimatum to halt attacks on ships in the Red Sea. The U.S.-led coalition launched more than a dozen strikes on Houthi rebel targets in Yemen. They write: A U.S.-led coalition launched more than a dozen strikes on Houthi rebel targets in Yemen, officials said late Thursday, two days after the Yemeni rebel force defied an ultimatum to halt its attacks on ships transiting the Red Sea with a barrage of missiles and drones. The strikes, conducted by … [Read more...]
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