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Yahoo
8 hours ago
- Business
- Yahoo
Florida AG Announces 44 Arrests in Retail Crime Blitz
Florida Attorney General James Uthmeier announced late last week that officials throughout the state arrested 44 people on retail crime charges and recovered $207,000 worth of merchandise. The state participated in a nationwide blitz on retail crime, the attorney general said. Police said those arrested stole 'a range of merchandise, including personal grooming products, clothing, sporting goods and home repair tools.' More from Sourcing Journal Majority of Americans Believe Tariffs Threaten Their Finances Exclusive: Over One-Third of Retail Execs Say They Will Adjust Pricing In the Face of Tariffs Majority of Consumers Say They Will Decrease Spending Once Tariffs Kick In Uthmeier said his office collaborated with the Florida Department of Law Enforcement and the Florida Organized Retail Crime Exchange (FORCE) on the crackdown, and noted that he was pleased with the results of the partnership. 'Due to great coordination among our state law enforcement and Florida Organized Retail Crime Exchange, 44 criminals were arrested as part of a nationwide organized retail theft blitz,' Uthmeier said in a statement. 'The rule of law means something in Florida; this is another example of our state working with law enforcement to stop criminals.' FDLE Commissioner Mark Glass said the blitz further evidences Florida's status as 'a law-and-order state,' a reputation the Sunshine State has taken measures to uphold relative to retail crime. Last year, Florida Governor Ron DeSantis signed a law tightening the penalties for retail crime in the state, after criticizing blue states like California and New York for leniency on theft. According to Capital One Shopping data, Florida retailers lost more than $5.4 billion in revenue to theft in 2022, and retail theft per capita in the state is 12.2 percent lower than the nationwide average. That same data set shows that the instances of retail theft per capita in New York and California are 18.4 percent and 17 percent lower than the national average, respectively. The law stipulates that anyone who participates in a retail crime operation inclusive of five or more people can be charged with a third-degree felony, with a punishment of up to five years in prison and added harsher punishment for those who perpetuate organized crime rings via social media. Perhaps most significantly, the law also enables officials to charge anyone who has committed multiple instances of retail theft in Florida within a 120-day window with a felony; prior to DeSantis signing the law, only repeat offenders inside a 30-day window could be charged with a felony. Uthmeier's office did not provide details about the number of felonies the arrested retail crime suspects have been charged with, nor did the attorney general disclose the retailers that were impacted by the alleged thieves' operations. R. Scott Shalley, president of the Florida Retail Federation, said the work the trade organization has done with various state agencies has helped curtail the effect of crime on retailers' bottom lines in the state. 'Florida's retailers deeply value our strong partnership with law enforcement—our most important ally in the fight against organized retail crime,' Shalley said in a statement. 'The success of this nationwide blitz, and Florida's significant role in it, underscores the impact of collaboration through FORCE. We commend Attorney General Uthmeier, FDLE, and all participating agencies for their continued commitment to safeguarding Florida's businesses, employees, and customers from these criminal networks.'
Yahoo
8 hours ago
- Business
- Yahoo
Majority of Americans Believe Tariffs Threaten Their Finances
The vast majority of Americans believe President Donald Trump's tariff regime poses an acute threat to their personal finances, and more than half believe the United States economy is veering into dangerous territory. A May survey of more than 1,000 U.S. shoppers revealed that 56 percent think that amid lingering inflation and macroeconomic and geopolitical turmoil, the country's economy is headed in the wrong direction. Bankrate's Consumer Sentiment Survey showed that nearly two in three consumers (65 percent) expect the duties on foreign-made products to have negative personal financial impacts. More from Sourcing Journal US Companies Take Trump Tariff Suit to Supreme Court Florida AG Announces 44 Arrests in Retail Crime Blitz Exclusive: Over One-Third of Retail Execs Say They Will Adjust Pricing In the Face of Tariffs While inflation has been softening and Trump is pushing to solidify his first-term tax cuts before they expire at the end of 2025, shoppers are finding their personal experiences incongruous with the relief that's been promised. In fact, 97 percent of survey takers said they had clocked higher prices over the past year on at least one area of spending, including groceries (91 percent), consumer products (52 percent), travel (40 percent) and personal care services (39 percent). Tariffs are '[o]vershadowing any bright spots in the U.S. economy,' as economists point to the possibility that duties could usher in more inflation and even a recession. The administration's current trade strategy, which centers on taxing imports from across the globe, is far more aggressive than the punitive duties Trump levied against China during his first term in office. In fact, tariffs incurred on global apparel imports this April reached their highest levels in decades. 'While tariffs are one of the president's favorite policy tools, most Americans see higher taxes on imported goods as being a losing proposition for their personal finances,' wrote Bankrate senior economic analyst Mark Hamrick. 'This, after they had previously identified inflation as the top economic issue of the 2024 presidential campaign.' The consumer financial services company broke down responses by political party, and found that all shoppers surveyed were likely to say that tariff-centric trade policy would worsen their economic standing. Perhaps not surprisingly, 91 percent of Democrats took that stance, though 62 percent of independents and 46 percent of Republicans said the same. Some 36 percent of Republicans said the opposite—that new duties could help pad their pocketbooks—along with just 13 percent of independents and 5 percent of Democrats. Political ideologies play a big role in Americans' perceptions of the country's economy, Bankrate found. Even though tariffs are unpopular across the board, only Republican survey respondents were more likely to believe that the economy is on a favorable trajectory, at 58 percent. Meanwhile, just 17 percent of independents and 7 percent of Democrats said the same. An overwhelming majority of Democrats (83 percent) said they believe the economy is taking an ominous turn, along with 58 percent of Independents. More than one-quarter (27 percent) of Republicans agreed, too. Bankrate's analysis noted that this breakdown is not entirely surprising; in October, before Trump was elected, 83 percent of Republicans believed the economy was on the wrong track, while 62 percent of independents and just 27 percent of Democrats agreed. That's because many consumers tend to have a more optimistic view of the economy when their party is the one in charge. Political affiliations have definite correlations with attitudes about the economy, so too do age and income, Bankrate's research showed. Younger shoppers—Gen Z and millennials, at 65 percent and 69 percent, respectively— believe that the Trump tariffs will be hard on their wallets. And notably, 68 percent of baby boomers are in alignment. Gen Xers were the most optimistic, with one-quarter of 45-to-60-year-olds believing that tariffs could improve their financial standing, though 60 percent still believe the contrary. Consumers in the middle of the earning spectrum—those making between $75,000 and $99,999, to be exact—were the most likely to disdain the administration's tariff strategy for its effects on their finances, at 70 percent. Americans who make less than $50,000 per year were closely aligned at 65 percent, and so were those making $100,000 or more at 68 percent. Economists largely believe that tariffs stand only to help—or at least, not harm—high-income earners. Data shows that duties will disproportionately burden those earning less, as they're likely to feel the pinch sooner. The Yale Budget Lab estimates that tariffs could raise average prices on goods by 1.5 percent, adding an effective annual tax of nearly $2,500 per American household. Sign in to access your portfolio
Yahoo
8 hours ago
- Business
- Yahoo
Tariffs Stall Long Beach Imports, Marking Slowest May Since Pre-Covid Era
The Port of Long Beach saw its slowest May for inbound cargo volumes since before the Covid-19 pandemic as tariffs rattled trans-Pacific trade entering the U.S. Imports at the San Pedro Bay port decreased 13.4 percent to 299,116 20-foot equivalent units (TEUs) in May, and are only 2.9 percent up over 2019 levels of 290,568 TEUs. More from Sourcing Journal US Companies Take Trump Tariff Suit to Supreme Court Majority of Americans Believe Tariffs Threaten Their Finances Exclusive: Over One-Third of Retail Execs Say They Will Adjust Pricing In the Face of Tariffs Total cargo handled, when including exports and empties, dipped 8.2 percent to 639,160 TEUs. This marked the lowest monthly number handled since the 578,249 containers moved at the port in July 2023. A series of country-specific tariffs levied by President Donald, including duties that had went up to 145 percent on Chinese goods, put importers in a bind throughout April, resulting in mass cancellations of bookings and a decline in sailings of cargo across the Pacific Ocean. The low import numbers were largely in line with the 'more than 10 percent drop-off' in inbound cargo forecasted by Port of Long Beach CEO Mario Cordero last month. The month followed a record April for the L.B. port as shippers front-loaded goods ahead of the tariffs, as well as 11 consecutive months of increases in cargo. The Long Beach port saw a bigger impact from the tariffs than its sister gateway, the Port of Los Angeles, which had a 9 percent decline in imports in May. 'We remain cautiously optimistic that import cargo will rebound at the end of June and into July just in time for the peak shipping season, when retailers stock the shelves with back-to-school supplies and begin preparations for the winter holidays,' said Cordero, in a statement. Port of Los Angeles executive director Gene Seroka already said there would likely be higher prices and fewer selections for both the back-to-school and Halloween seasons. In June and July, analysts are expecting a bounce back in West Coast cargo as import bookings again accelerated in the wake of the 90-day tariff rollback the U.S. and China agreed to in May. The temporary tariff relief was followed up in June with an assertion between the countries that they agreed on a new deal. That agreement consists of a 55 percent tariff on goods from China, and a 10 percent duty on goods out of the U.S. It's still under debate as to whether the coming import surge will overwhelm the West Coast ports. Across the U.S., ports are still expected to see inbound cargo declines of 6.2 percent and 8.1 percent in June and July, according to Global Port Tracker projections released earlier this month. While Cordero didn't go into expectations for the coming months, his L.A. counterpart, Seroka, said import projections for the second and third weeks of June were 'pretty average for where we should be.' According to the Port of Long Beach, 19 vessels are expected to arrive at the port for the week of June 15-21, up from 17 in the same week last year. Over the next two weeks, 44 ships are projected to dock in Long Beach, up from last year's 38. The upcoming increase in cargo into would at least help dockworkers at the ports collect regular payments. While the Los Angeles port saw half of its longshoremen go without work for a two-week stretch, Long Beach dockworkers had similar issues since it had a larger import drop in May. Long Beach Harbor Commission president Bonnie Lowenthal said the group is monitoring the development of the new trade policies and the effects on dockworkers and others across the supply chain. 'We are staying in close contact with our customers and other port stakeholders as they work to handle the ongoing changes in trade,' said Lowenthal in a statement. Cordero also pointed out that although uncertainty remains for the business sector, 'the Port of Long Beach is continuing to invest in rail and terminal improvements to move cargo efficiently, safely and sustainably,' referring to the port's Pier B on-dock rail support facility project. That $1.6 billion project is designed to help the port move more containers by on-dock rail and aims to reduce truck traffic. The plan, which began construction in 2024, is expected to more than triple the volume of on-dock rail cargo the port can handle annually, from 1.5 million TEUs to 4.7 million TEUs. Exported containers exiting the Port of Long Beach in May decreased 18.6 percent to 82,149 TEUs. Empty containers moving through the port rose 3.2 percent to 257,895 TEUs. The port has moved 4,042,228 TEUs during the first five months of 2025, still up 17.2 percent from the same period in 2024.
Yahoo
8 hours ago
- Business
- Yahoo
$10B Trump-Approved ‘Green Corridors' Project to Drive Efficiency in US-Mexico Trade
The Trump administration has given the green light to a $10 billion infrastructure project designed to alleviate backups at the most heavily trafficked border crossing between the U.S. and Mexico. The president this month signed a presidential permit for Austin, Tex.-based Green Corridors, a freight transportation provider intent on building a 165-mile elevated 'guideway' that will ferry automated, freight-laden shuttles between Laredo, Tex., and Monterrey, Mexico. More from Sourcing Journal Forward Air Chairman Ousted, Potential Sale Appears in View Byte-Sized AI: Perfect Corp. and Nvidia Team Up; LuminX Gets Seed Round Chain Reaction: Dispatch Science CEO Arthur Axelrad on Turning Logistics into a 'Customer Experience Engine' According to the company, the Green Corridors Intelligent Freight Transportation System (GC-IFTS) will help reduce congestion by bypassing areas beset by gridlock—an issue that has had marked ramifications for shippers and importers. In 2019, $2 billion in U.S.-Mexico GDP was sacrificed to shipment slowdowns, as truck wait times at the country's busiest commercial bridges can be lengthy. If the issue persists unaddressed, the losses could mount to more than $100 billion by 2050, the company estimated. Tackling the problem will involve the construction of two cross-border terminals in Laredo and two in Monterrey, measuring around 100 acres apiece. Trailers will be moved via autonomous shuttles that run on both diesel and electricity and picked up by truckers at the end of the proverbial road to continue their journeys into the U.S. or Mexico. The system will have both economical and ecological upsides, the company said. The freight shuttles' hybrid propulsion system reduces emissions by 75 percent compared to diesel trucking, while also substantially slashing the cost of moving freight compared to conventional options. The terminals, too, will be equipped with solar arrays, regenerative cranes and hybridized power, and automated operations will allow the the GC-IFTS to run 24/7. Green Corridors' Intelligent Freight Transportation System will also promote stringent border security, the company said, as it scans all the freight entering the U.S., accelerating inspection times and integrating with U.S. Customs and Border Protection (CBP) protocols. It also creates more separation between commercial freight and passenger vehicles. Senator John Cornyn (R-Tex.) voiced his support for the effort and urged President Trump to sign the permit in a letter earlier this spring, underscoring the importance of the growing U.S.-Mexico trade relationship. In 2023, Mexico became the country's biggest trading partner, with the nations doing $798.9 billion in cross-border commerce. 'I am glad President Trump has approved the construction of the Green Corridors International Bridge facility, which will enhance efficiency and security at the Port of Laredo, our nation's top port of entry for international trade,' he said earlier this month. The trade tensions between Mexico and the U.S. that simmered earlier this year seem to have mostly cooled. Trump threatened the country with 25-percent across-the-board duties on all imports into the U.S. market, citing illegal migration and fentanyl trafficking as a reason to forgo the terms of the U.S.-Mexico-Canada Agreement (USMCA), which grants a wide variety of goods duty-free access to the American market. The country now faces 25-percent duties only on products that aren't covered by the trade agreement, along with tariffs on steel and aluminum. The president spared Mexico from his 'Liberation Day' reciprocal duties. Mexican President Claudia Sheinbaum was slated to meet with Trump to discuss trade issues at the G7 Summit in Canada this week, but the plan was thwarted when the American Commander in Chief left the event early. Sheinbaum said she spoke with Trump by phone soon after and the two vowed to work together to reach an agreement on 'various issues' soon.
Yahoo
8 hours ago
- Business
- Yahoo
Chain Reaction: Michael Goldman of Caru Containers on Why ‘Sourcing Diversity is Paramount'
Chain Reaction is Sourcing Journal's discussion series with industry executives to get their take on today's logistics challenges and learn about ways their company is working to keep the flow of goods moving. Here, Michael Goldman, general manager of North America at Caru Containers, discusses how the global transportation company supports its partners in building more resilient and diversified supply chains amid ongoing disruptions and what the U.S. can learn from China. Name: Michael Goldman More from Sourcing Journal $10B Trump-Approved 'Green Corridors' Project to Drive Efficiency in US-Mexico Trade Forward Air Chairman Ousted, Potential Sale Appears in View Byte-Sized AI: Perfect Corp. and Nvidia Team Up; LuminX Gets Seed Round Title: General manager, North America Company: Caru Containers What is Caru Containers? Caru Containers is a global company with Dutch roots. Operating from 10 offices and active in over 70 countries, we trade new and used shipping containers worldwide. We lease containers to major shipping lines and purchase decommissioned fleets from some of the industry's largest players. These containers are then resold through various distribution channels for reuse in domestic commercial storage What industries do you primarily serve? We serve multiple industries including ocean shipping, international freight forwarding and domestic container storage. What is the main thing brands and retailers could do right now that would immediately improve logistics? Sourcing diversity is paramount. Business thrives on stability and predictability, but those qualities are often absent in today's post Covid-19 logistics landscape. Since the steady rise of globalization, we've entered an era shaped by disruption. Whether caused by extreme weather, labor strikes, war or self-inflicted geopolitical tensions, disruption comes in many forms. Even a summer intern will hear the phrase 'Let's not put all our eggs in one basket' within their first week. A cliché, yes, but never more relevant to strengthening international logistics resilience than it is today. When it comes to supply chain logistics challenges, there are things companies can fix, and things that are beyond their control. How can the former help the latter? First and foremost, companies need a diverse supplier portfolio. Relying on a single vendor for a specific product or service all but guarantees vulnerability to unexpected market disruptions beyond a business's control. The globally connected companies best positioned to navigate the next decade will be those with agile supply chains capable of quickly pivoting in response to disruption. What area of logistics isn't receiving the industry attention it deserves? Limited access to rail transport for small and midsized U.S. businesses—due to high pricing and volume thresholds—harms both the domestic economy and overall quality of life. Our freight rail system is largely designed to serve massive corporations, leaving smaller players reliant on trucking. The result? More congestion on our roads, higher emissions and worsening urban gridlock. Meanwhile, China's Belt and Road initiative enables goods to move by rail across two continents—from China to Europe—at costs lower than many long-haul domestic trucking routes in the U.S. As global businesses take advantage of this infrastructure, American companies should be asking both public and private sectors why similar supply chain capabilities aren't available here. What is your company doing to make the movement of goods more sustainable? As a sustainability-minded company, we understand the lack of efficiency in shipping an empty container. We have recently invested significantly in scaling our One-Way Lease capabilities, which focus on matching our empty containers to cargo destined for the same location. Combining what would have been two containers traveling the same route into one container reduces our carbon footprint. Are you optimistic about the state of supply chains in the next few years? Despite ongoing global political shifts and the resulting supply chain disruptions, I'm impressed by how swiftly businesses pivot and adapt with smarter solutions. For years, the shipping and logistics industries lagged behind in adopting digital tools, even as commercial internet use surged over the past three decades. But that's changed. Today, we see global positioning system (GPS) trackers on containers, reefer data delivered straight to beneficial cargo owners' (BCO) phones, blockchain adoption by major carriers and major strides in reducing emissions to meet International Maritime Organization (IMO) standards. Though slow to start, the industry is catching up fast. And because of that, I'm more optimistic than ever about the future of global supply chains. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
