Latest news with #BenHackett
Fibre2Fashion
10-06-2025
- Business
- Fibre2Fashion
US import cargo to surge amid temporary tariff relief on Chinese goods
Import cargo volumes at major US container ports are set to rise this summer following a temporary pause and reduction in tariffs on Chinese goods, according to the latest Global Port Tracker report by the National Retail Federation (NRF) and Hackett Associates. Retailers, who had halted orders after the April announcement of a 145 per cent tariff, resumed imports after the rate was reduced to 30 per cent and a 90-day pause was introduced, lasting until August 12. US import cargo volumes are expected to rise this summer as retailers rush to bring in goods during a 90-day pause and tariff reduction on Chinese imports, ending in August. April imports rose 9.6 per cent year on year but May saw a sharp drop. Volumes are forecast to rebound Juneâ€'August, ahead of a possible decline later in 2025 if tariffs resume, according to Global Port Tracker. 'This is the busiest time of the year for retailers as they enter the back-to-school season and prepare for the fall-winter holiday season. Retailers had paused their purchases and imports previously because of the significantly high tariffs. They are now looking to get those orders and cargo moving in order to bring as much merchandise into the country as they can before the reciprocal tariff and additional China tariff pauses end in July and August. Retailers want to ensure consumers will be able to find the products they need and want at prices they can afford. Unfortunately, there is still considerable uncertainty as to what will happen after the pauses end,' NRF vice president for supply chain and customs policy Jonathan Gold said in a press release. US ports handled 2.21 million twenty-foot equivalent units (TEU) in April, up 2.9 per cent from March and 9.6 per cent year on year. However, volumes are expected to have dropped in May to 1.91 million TEU, down 13.4 per cent month on month and 8.1 per cent year on year, marking the first annual decline since September 2023. Despite the slowdown, imports are projected to rebound from June through August, though remaining below 2024 levels. June is forecast at 2.01 million TEU (down 6.2 per cent YoY), July at 2.13 million TEU (down 8.1 per cent), and August at 1.98 million TEU (down 14.7 per cent). A sharper drop is expected later in the year due to strong comparisons against high 2024 volumes driven by port strike concerns. 'Our projections show that May saw a significant reduction in imports as shippers responded to the higher tariff environment,' Hackett Associates founder Ben Hackett said. 'However, tariff reductions will lead to a surge in imports in June through August as importers take advantage of the various 90-day pauses. The peak for the winter holidays will come early this year, making it simultaneous with the peak for the back-to-school season. If higher tariffs are not delayed again, we can expect the final four months of the year to see declining volumes of imports.' The first half of 2025 is now forecast at 12.54 million TEU, up 3.7 per cent year on year—an improvement from earlier estimates but still trailing pre-tariff projections. Fibre2Fashion News Desk (KD)
Yahoo
05-06-2025
- Business
- Yahoo
Biofuel plant workers take concerns to Westminster
Workers from the UK's largest bioethanol plant have visited Westminster to raise concerns the facility could close within days without government support. Bosses of Vivergo Fuels in Saltend, near Hull, said the plant's future was "hanging in the balance" after the removal of a 19% tariff on US ethanol imports, which was part of the recent UK-US trade deal. The firm said that without urgent action, the plant, which employs more than 160 people, would no longer be viable. The government said it was working closely with the industry to understand the impacts of the trade deal and it was open to discussions over potential support. According to the Local Democracy Reporting Service, about 35 workers made the trip to London. Ben Hackett, managing director of Vivergo Fuels, said: "With the future of the Vivergo plant hanging in the balance, our workers felt compelled to speak directly to their MPs about what is at stake. "This isn't just about one site. It's about protecting thousands of skilled jobs, supporting British farming and preserving a vital part of our green energy infrastructure." MP for Hull East Karl Turner said: "The fact that dozens of workers had to travel from East Yorkshire to Westminster today shows just how serious this situation is. "Vivergo is not only a major employer in our region - it's a key player in our green economy and food security." The new mayor of Hull and East Yorkshire, Luke Campbell, urged the government to "rethink" the trade deal with the US to protect British job. In April, Associated British Foods (ABF) said it was in talks with the government to help save its Saltend plant after the company was forced to cut production levels due to low bioethanol prices. Vivergo Fuels produces bioethanol which is used in E10 petrol. E10, which was introduced in 2021 to help cut carbon emissions, contains up to 10% bioethanol. The plant also produces animal feed, which is a by-product of the bioethanol production process. Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here. Biofuel plant 'faces closure after US trade deal' Biofuel plant could close with loss of 150 jobs Local Democracy Reporting Service Vivergo Fuels
BBC News
05-06-2025
- Business
- BBC News
Future of Vivergo Fuels plant 'hanging in the balance', says boss
Workers from the UK's largest bioethanol plant have visited Westminster to raise concerns the facility could close within days without government of Vivergo Fuels in Saltend, near Hull, said the plant's future was "hanging in the balance" after the removal of a 19% tariff on US ethanol imports, which was part of the recent UK-US trade firm said that without urgent action, the plant, which employs more than 160 people, would no longer be government said it was working closely with the industry to understand the impacts of the trade deal and it was open to discussions over potential support. According to the Local Democracy Reporting Service, about 35 workers made the trip to Hackett, managing director of Vivergo Fuels, said: "With the future of the Vivergo plant hanging in the balance, our workers felt compelled to speak directly to their MPs about what is at stake."This isn't just about one site. It's about protecting thousands of skilled jobs, supporting British farming and preserving a vital part of our green energy infrastructure."MP for Hull East Karl Turner said: "The fact that dozens of workers had to travel from East Yorkshire to Westminster today shows just how serious this situation is."Vivergo is not only a major employer in our region - it's a key player in our green economy and food security."The new mayor of Hull and East Yorkshire, Luke Campbell, urged the government to "rethink" the trade deal with the US to protect British April, Associated British Foods (ABF) said it was in talks with the government to help save its Saltend plant after the company was forced to cut production levels due to low bioethanol Fuels produces bioethanol which is used in E10 petrol.E10, which was introduced in 2021 to help cut carbon emissions, contains up to 10% plant also produces animal feed, which is a by-product of the bioethanol production process. Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.
BBC News
28-05-2025
- Business
- BBC News
Saltend biofuel plant 'faces closure after US trade deal'
The UK's largest bioethanol plant will be forced to close unless the government acts, according to its April, Associated British Foods (ABF) said it was in talks with the government to help save its Vivergo Fuels site at Saltend, near Hull, after being forced to cut production levels due to low bioethanol Tuesday, Vivergo said the removal of a 19% tariff on US ethanol imports, which was part of the recent UK-US trade deal, was the "final blow".A government spokesperson said it was working closely with the industry to understand the impacts of the trade deal and it was open to discussions over potential support. Urgent action needed In a letter to farmers, Vivergo managing director Ben Hackett said: "Unfortunately, if there is no government intervention in the next few weeks, our plant will have to close."That is because the government has made a series of decisions that undercut UK ethanol production in favour of US imports. The most recent trade deal was the final blow."If there is no government intervention, we will not be able to purchase any more wheat outside our current, limited, commercial commitments."The firm said that without urgent action, the plant, which employs more than 160 people, would no longer be viable and its wheat purchases would Hackett added: "This is avertable. If the government provides sufficient policy certainty to us in the long term and ameliorates the effects of their decisions in the short term, we can continue to operate and expand production."But so far, they have made no commitments." Earlier this month, Business Secretary Jonathan Reynolds met representatives of ABF and the country's other key bioethanol producer, Ensus UK, which is based in firms said the the secretary of state agreed on the need for "urgent next steps" to protect the UK's bioethanol industry and had committed to act within "days, not weeks" amid concerns that hundreds of jobs could be at Hackett said: "So far, nothing has been forthcoming."However, he added: "We still believe this situation can be turned around – but time is rapidly running out."In response, a government spokesperson said: "We signed a deal with the US in the national interest to secure thousands of jobs across key sectors."We are now working closely with the industry to understand the impacts of the UK-US trade deal on the UK's two bioethanol companies and are open to discussion over potential options for support."The Saltend plant produces bioethanol which is used in E10 petrol.E10, which was introduced in 2021 to help cut carbon emissions, contains up to 10% also produces animal feed, which is a by-product of the bioethanol production process. Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.
