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US tax reform may help economy

tax

WASHINGTON: An overhaul of U.S. tax code to make it simpler and more broad-based should foster business investments and productivity, boosting overall domestic economic growth, New York Federal Reserve PresidentWilliam Dudley said on Wednesday. The current tax system, which is seen as burdensome and complex, “cannot be productivity enhancing,” he said on a panel about regional economic trends with Dallas ... Read More »

US import prices rose 0.7% in Sept, vs 0.6% increase expected

Ip

WASHINGTON: U.S. import prices for September recorded their biggest increase in more than a year amid rising petroleum and food costs, but underlying imported inflation remained modest. The Labor Department said on Tuesday that import prices jumped 0.7 percent last month, the biggest gain since June 2016, after an unrevised 0.6 percent rise in August. Economists polled by Reuters had ... Read More »

U.S. oil production to increase in Nov as rig count falls

oil production

WASHINGTON: U.S. oil production is set to increase in November, according the Energy Information Administration’s (EIA) Drilling Productivity Report published on Monday. The EIA has forecast an increase of 81,000 barrels per day in November over October levels, even as the number of active oil rigs in the United States dipped steadily over the third quarter, shedding 20 rigs over ... Read More »

US Customs deploys facial recognition biometric technology at JFK International Airport

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WASHINGTON: US Customs and Border Protection has deployed facial recognition biometric technology at one Transportation Security Administration (TSA) checkpoint in John F. Kennedy International Airport. For the technical demonstration, CBP teamed up with TSA to make use of travellers’ photographs taken at TSA’s Terminal 7 international checkpoint to compare against travel document photographs. Office of Field Operations deputy executive assistant ... Read More »

U.S. exports of LNG deserve policy support

lng

WASHINGTON: The U.S. is ready to continually drop a cannonball splash into the global liquefied natural gas (LNG) export business, a market that is rapidly growing and evolving. From 2016-2020, per the latest projections – which are even more bullish than previous ones – we will account for about half of the 20 Bcf/d of new export capacity worldwide (worldwide ... Read More »

US soybean oil net exports jump on week

soya oil

WASHINGTON: US soybean oil net export sales rose 32,836 mt, or 1,284.2%, last week, Department of Agriculture data showed Thursday. Soybean oil net export sales increased to 35,393 mt from 2,557 mt for the reporting week ended October 5. Weekly physical exports for soybean oil also rose, increasing by 25,191 mt to 36,562 mt.  Both net export sales and physical ... Read More »

US inflation jumps in the wake of Hurricane Harvey

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WASHINGTON: Soaring fuel prices drove US inflation to an eight-month high in September, with the cost of gasoline hitting an eight-year record, the Labor Department reported Thursday. The spike in gasoline costs was likely tied to Hurricane Harvey, which idled much of US energy production in late August and created shortages, officials said. Otherwise, US price pressures otherwise remained tame, ... Read More »

Customs officers seizes hundreds of pounds of illegal drugs over the weekend at ports of entry

drugs

WASHINGTON: U.S. Customs and Border Protection officers seized hundreds of pounds of illegal drugs over the week, including 25 pounds of cocaine at the Presidio port of entry, officials said. Officers working at El Paso-area ports of entry seized about 378 pounds of marijuana, more than 27 total pounds of cocaine, including the 25 pounds seized in Presidio, and seven ... Read More »

Customs officers seizes 50 pounds of methamphetamine

METH

CALEXICO: U.S. Customs and Border Protection officers working at the Calexico West port of entry on Sunday arrested a woman after they said they discovering 50 pounds of methamphetamine concealed inside the fuel tank of her vehicle. CBP said the incident happened Sunday at about 4:25 a.m. when CBP officers encountered a 31-year-old woman, a U.S. citizen, driving a 1999 ... Read More »

Customs officials seizes $12 mln in fake water bottles

bottles

CHARLESTON: U.S. Customs officers have seized more than $12 million in counterfeit water bottles at the Port of Charleston. Local media outlets reported the federal agency said it had seized shipments of nearly 346,000 stainless steel water bottles found on five shipments from China this summer. Customs officials did not release the name of the importer. But they said the ... Read More »

US imports forecast to hit near-record in Oct

imports

WASHINGTON: Strong consumer demand produced record import volume in August, and near-record imports are projected for October, which will close out a busy peak-shipping season, according to the National Retail Federation. However, industry analysts emphasize that beneficial cargo owners can anticipate a soft rate environment during the post-holiday shipping slump in November-December, and into the service-contracting season in the eastbound ... Read More »

US Customs puts trade enforcement tools to work

customs export

WASHINGTON: As criminals grow more creative in efforts to circumvent the law, the US Customs and Border Protection (CBP) is implementing new enforcement tools. One new tool is worth considering, and one existing tool is worth revisiting. The new tool is the Importer of Record Task Force, which cuts across all product lines. CBP is requiring first-time importers and companies ... Read More »

US imposes 300% import tariff on Bombardier

Container ship in import,export port at the harbor with beautiful twilight sky

WASHINGTON: The US Chamber of Commerce has rejected an appeal against the huge tariffs it has imposed on Bombardier in favour of rival aerospace firm Boeing. A further tariff of 80% was imposed on the import of Bombardier’s C-Series, adding to the 220% rate already introduced by Congress. Boeing has claimed that Bombardier benefited from illegal state subsidies from Canada ... Read More »

U.S. oil ports, refiners and producers plan reopenings after Nate

oil ports

HOUSTON: Some oil ports, producers and refiners in Louisiana, Mississippi and Alabama that shut facilities ahead of Hurricane Nate were planning reopenings as the storm moved inland on Sunday, away from most energy infrastructure on the U.S. Gulf Coast. The storm, which weakened to a tropical depression and was moving inland toward Alabama and Tennessee, killed 30 people in Central ... Read More »

Border Patrol arrests 10 camouflagued drug mules smuggling 390 pounds of pot

Arrests

WASHINGTON: Border Patrol agents in Arizona arrested 10 drug mules Thursday after finding around 40 pounds of marijuana in each person’s backpack, according to a Customs and Border Protection statement issued Friday. Wellton Station Border Patrol agents tracked the group Thursday morning as they smuggled the marijuana from Mexico into the U.S. near Gila Bend, Ariz. The 10 Latino males ... Read More »

US ports need more than $100 bln from investors

Ships gather off the ports of Los Angeles and Long Beach, California aerial file photo taken February 6, 2015.    A partial shutdown of 29 U.S. West Coast ports stretched into its third straight day February 16, 2015, on the eve of  U.S. Labor Secretary Tom Perez’s arrival in San Francisco seeking to broker a settlement ending months of disruptions on the cargo-clogged docks.     REUTERS/Bob Riha Jr/Files  (UNITED STATES  - Tags: TRANSPORT MARITIME BUSINESS EMPLOYMENT)

LONG BEACH: Even with government help, US ports still need more than $100 billion over the next five years to handle growing volumes and bigger ships. Private-sector investors are willing to close the gap if returns are adequate and risks are relatively low. Ports over the next five years must invest $154 billion on terminals and road and rail connectors, ... Read More »

US trade deficit narrows to $42.4 bln in August

TRADE DEFICIT

WASHINGTON: Rising exports and falling imports cut the U.S. trade deficit to $42.4 billion in August, the lowest in 11 months. The Commerce Department said yesterday that the trade gap – the difference between exports and imports – fell in August from $43.6 billion in July. Exports came in at $195.3 billion, up from $194.5 billion in July and most ... Read More »

U.S. Customs apprehend two wanted men at airport

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WASHINGTON: U.S. Customs and Border Protection officers last month identified and apprehended two men who were wanted by Guam law enforcement authorities, according to a news release issued Wednesday. A 41-year-old man, wanted by Superior Court of Guam on family violence charges, arrived in Guam on a flight from the Philippines on Sept. 19. Customs and Border Protection officials took ... Read More »

Customs and Border Protection Agents seize $1.2 mln in drugs

drugs

SAN DIEGO: U.S. Customs and Border Protection announced Tuesday the seizure of drugs worth $1.2 million smuggled through the San Diego and Imperial Valley border crossings last weekend. CBP officers stopped 338 pounds of methamphetamine and 106 pounds of marijuana in vehicles from Friday through Monday. The officers found the drugs in various locations throughout the vehicles such as the ... Read More »

CBP officers find meth inside spare tire wheel well

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CALEXICO: U.S. Customs and Border Protection officers arrested a man attempting to smuggle 46 packages of methamphetamine hidden inside the spare tire wheel well of a vehicle Thursday afternoon. CBP officers encountered a 22-year-old man driving a black 2013 Ford Taurus while attempting to cross into the United States. During an inspection, an officer ran the vehicle through the port’s ... Read More »