As supply chain disruptions wreak havoc on energy and food prices, resulting in scaling price increases that haven’t been seen since 1981, inflation is unlikely to fall to pre-pandemic levels for some time.
Supply constraints, exacerbated by Russia’s war in Ukraine this year, account for about half of the surge in U.S. inflation, with demand currently making up a third of the increase, according to new research from the Federal Reserve Bank of San Francisco.
USTR has announced it will reinstate through the end of this year more than 350 previously expired China duty exclusions under Section 301 of the Trade Act of 1974. It’s important to act now to identify qualifying exclusions and estimate potential duty refund amounts.
Businesses have their plates full in trying to create resilient supply chains to meet this dramatically changed environment. But in thinking about these serious issues, shippers must also prioritize customer expectations.