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In The News: Reshoring, Global Trade, Forced Labor

In the News: Reshoring, Global Trade, Forced Labor

In the News: Reshoring, Global Trade, Forced Labor

U.S.-China tensions, tariff hikes force firms to look at onshore supply chains “Almost half (44 per cent) of global firms said trade wars are already impacting their businesses, including 69 per cent of US companies and 90 per cent in the Asia-Pacific.” North America aims to make 25 percent of what it imports from Asia, Mexico says “Ebrard said four representatives from each country will work on the import substitution scheme previously outlined by Lopez Obrador on Tuesday. He did not say how quickly the region planned to achieve the target.” [ Reuters ] Global trade faces stagnant decade, report warns “International trade will grow more slowly than the global economy over most of the next decade as the war in Ukraine reshapes strategic alliances and alters the flow of cross-border commerce, a new report says.” [ Bloomberg ] Canada looks poised to pass law on forced labor “Businesses subject to the legislation wouldn’t have to stop forced labor-linked goods from entering their supply chains, but only report on their efforts, if any. Violators—those that either fail to report, or report false information—would be subject to a fine of 250,000 Canadian dollars, equivalent to about $186,000.” Copyright © 2023 Sandler, Travis & Rosenberg, P.A.; WorldTrade Interactive, Inc. All rights reserved.

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Daisie Hobson

Daisie Hobson is a Director at the Reshoring Institute and an engineer with many years of experience in manufacturing and project management.

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