A rise in prices is the result of this blunt reality: there aren’t enough truck drivers delivering goods to stores. The shortage of truck drivers is not only raising freight costs, but retail costs as well. This is nothing new, as the driver shortage has been going on for years due to baby boomers retiring and very few millennial’s wanting to be away from home weeks at a time on transport. To read more about the driver shortage and rising prices, click here.
The high freight costs are weighing on earnings at big-consumer goods companies like Coca-Cola and Proctor & Gamble as they try to get products to stores. The pressure on shipping began late last year and extended into this spring, when the seasonal growth in volumes of produce, food and beverages could place additional strain on the already-tight trucking capacity. To read more about these companies, click here.
On Tuesday, April 3, the US Trade Representative issued a list of products imported from China that would carry an additional 25 percent duty. This new import tax is intended to penalize Chinese manufacturers for alleged intellectual property theft following an U.S. investigation. To read more about this trade war, click here.
An aviation re-authorization bill with a provision that would ensure nationwide uniformity for meal and rest break rules for truckers was advanced by the House of Representatives on April 27. This bill was advanced on a 393-13 vote. The provision would block a 2011 law in California pertaining to meal and rest breaks. To read more about this law, click here.