Trade and Prosperity | December 2020

December 18, 2020

All eyes are still on President-elect Joe Biden’s approach to trade policy in 2021. Reports indicate that he was to nominate a new US Trade Representative last week, but that has not eventuated.

Two additional tugboats sped Sunday to Egypt’s Suez Canal to aid efforts to free a skyscraper-sized container ship wedged for days across the crucial waterway, even as major shippers increasingly divert their boats out of fear the vessel may take even longer to free.The massive Ever Given, a Panama-flagged, Japanese-owned ship that carries cargo between Asia and Europe, got stuck Tuesday in a single-lane stretch of the canal. In the time since, authorities have been unable to remove the vessel and traffic through the canal — valued at over US$9 billion ($11.78 billion) a day — has been halted, further disrupting a global shipping network already strained by the coronavirus pandemic.