The Houston Ship Channel is the largest port in the U.S., with a huge breakbulk facility in the region, along with two hyperproductive container terminals, owned and brought to operation by Port Houston for over a century. The port of Houston has been known as a crucial economic driver due to creating millions of jobs in the U.S. Moreover, it contributes to Texas's GDP by as much as 20.6%, all while making an $801.9 billion impact nationwide. During the Covid-19 pandemic the port of Houston recorded losses, but experts are now happy with the results. Here’s all you need to know about Houston Port’s progress in 2022. “Relentless Record Breaking” - Press Release June 22: The report presented by Executive Director Roger Guenther in the latest monthly meeting of The Port Commission of the Port of Houston Authority said business is growing for the container and general cargo docks, with 21.6 million tons processed through May. Container activity has reached record levels for the year (20% through May). The 335,866 TEU figure, according to Guenther, "represents the best month in Port Houston history," he added. He shared that the imports were not declining any longer and that exports, particularly of resins, were recovering. In the second last week of June, the Port Houston also experienced record transactions of the day through truck gates. The General cargo volumes were also recorded at around 3.3 million tons, meaning up to 116% through multi-purpose facilities this year. Guenther added that businesses should benefit from the extra hours they added for June. As part of our dedication to efficiency, Guenther stated, "We highly urge our truckers and shippers to seize this opportunity." Additionally, Chairman Ric Campo thanked the team who work at the ports to keep trade moving and urged them to stay safe and nourished during the sweltering summer. Biden Considers Lifting Trump-Era Tariffs: The removal of a few of the tariffs that outgoing President Trump imposed on China to start a trade war in 2018 may be announced by President Joe Biden as early as next week. The government says that they are taking steps to lessen the consequences of rising inflation on American consumers, although the impact may not be very significant.
Secretary Of the treasury Janet Yellen stated during testimony before Congress in June, "this government inherited a series of tariffs that I don't think were meant to benefit our nation's interests. We are reviewing those tariffs and trying to restructure them strategically." Politico recently revealed that the government is considering removing tariffs on goods worth about $10 billion immediately. If true, that would account for a minor portion of the $370 billion in tariffs that the Trump Government slapped on Chinese products. The Peterson Institute for International Economics examined the effects of removing all tariffs imposed by the last administration during the trade dispute. They concluded that there would be a temporary decline in inflation of about 1.3 percent, which may seem like nothing when compared to an inflation rate of over 7%. Yet, the analysis concluded that the alleviation is not insignificant and allows $797 annual savings in the average American household, as a result. Additionally, it is rumored that the Biden administration may announce a fresh inquiry into China's business practices under Section 301 of the 1974 Trade Act. Trump launched an investigation in 2017 using Section 301 power, which revealed the presence of China's unfair trade practices and, ultimately, the application of tariffs in 2018.