Commerce News

Commerce

Science of AI Safety partnership created between the United States and the United Kingdom

The United States and the United Kingdom have embarked on a collaborative venture focusing on the Science of AI Safety. This partnership will see the two nations' Safety Institutes joining forces to conduct research, safety evaluations, and provide guidance for AI safety within their respective countries.
Commerce

Trade and Technology Council Task Force has concluded its work

The United States - European Union Trade and Technology Council Talent for Growth Task Force has completed its work. Although the Task Force's activities, announced in December 2022, have come to an end, collaboration from the private sector continues.
Commerce

Pet product expenditures totaled $147B in 2023, APPA report shows

In 2023, U.S. consumers expended $147 billion on pet products and services, as reported by the American Pet Products Association (APPA). The association also predicts steady year-over-year growth through 2030, with anticipated expenditures reaching a staggering $250 billion.
Commerce

Mortgage Bankers Association's index shows homebuyer affordability decreased in February

The Mortgage Bankers Association's (MBA) Purchase Applications Payment Index (PAPI) data for February indicates a rise in the monthly cost of home ownership. The national median payment applied for by purchase applicants escalated from $2,134 in January to $2,184 in February.
Commerce

American Bankers Association forecast reveals lower risk of recession with inflation moderating

The Economic Advisory Committee of the American Bankers Association (ABA) this week released a forecast indicating a decreased risk of recession, with inflation expected to moderate and employment gains to remain strong. The committee also predicts a transition to a soft easing cycle by the Federal Reserve, commencing around mid-year.
Commerce

Travel leaders converge on Capitol Hill for U.S.Travel Association's legislative fly-in

Last week, hundreds of travel delegates from across the United States gathered on Capitol Hill for the U.S. Travel Association’s (USTA) legislative fly-in, Destination Capitol Hill. Armed with data and a set of requests, they sought to engage lawmakers in their cause.
Commerce

President Biden's fiscal year 2025 budget will help boost American innovation

President Biden's proposed budget for the 2025 fiscal year aims to bolster American innovation and competitiveness, with a particular focus on the U.S. Department of Commerce. The budget outlines $4 billion in mandatory funding and $11.4 billion in discretionary funding, earmarked to support the essential priorities of the Commerce Department.
Commerce

Intel awarded $8.5 billion in support of growing the US Semiconductor Industry

The U.S. Department of Commerce has granted Intel a sum of $8.5 billion through the Investing in America Agenda for initiating projects in Arizona, New Mexico, Ohio, and Oregon. This investment, facilitated under the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act, aims to fortify the supply chain of the U.S. Semiconductor Industry as the nation seeks to broaden its domestic market.
Commerce

Taxpayers Protection Alliance President: ‘Absolutely ridiculous’ that ‘Congress has no oversight’ of CFPB

David Williams, president of the Taxpayers Protection Alliance (TPA) said it is “absolutely ridiculous” that “Congress has no oversight” of the Consumer Financial Protection Bureau (CFPB).
Commerce

Plastics Industry Association releases tenth video in its 'Recycling is Real' campaign

The Plastics Industry Association (PLASTICS) has unveiled the tenth video in its "Recycling is Real" campaign. The campaign aims to promote and raise awareness about plastic recycling in the United States.
Commerce

AFSA President: ‘All we’re asking is that the CFPB fulfill its responsibility and give us clear rules to follow’

The president and CEO of the American Financial Services Association (AFSA) today asked the Consumer Financial Protection Bureau (CFPB) to use “the well-accepted administrative rulemaking process” instead of what he said are “one-off and nontransparent enforcement proceedings.”
Commerce

Funding for US semiconductor packaging is being expanded under the CHIPS for America Act

The U.S. Department of Commerce has declared that the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act is allocating funds to provide opportunities for companies to expand U.S. Semiconductor Packaging. The fresh funding aims to solicit applications for research and development that will aid in expediting the domestic capacity for advanced packaging substrates, a critical technology for manufacturing semiconductors.
Commerce

ATA's Intermodal Motor Carriers Conference welcomes rule clarifying how detention and demurrage charges are billed

The Intermodal Motor Carriers Conference (IMCC) of the American Trucking Association (ATA) has expressed approval for a new rule by the Federal Maritime Commission (FMC). This rule provides clarification on how shippers are billed for detention and demurrage charges. Both the IMCC and ATA had previously urged Congress to provide this clarification during the passage of the Ocean Shipping Reform Act in 2022.
Commerce

AGA report shows US commercial gaming revenue rose for a third straight year

The American Gaming Association (AGA) has reported that commercial gaming revenue in the United States reached a total of $66.5 billion in 2023. This figure represents a 10% increase from the $60.5 million generated in 2022, marking the third consecutive year of record revenue.
Commerce

United States partners with Global Foundries to strengthen domestic supply of microchips

The United States Department of Commerce has announced a preliminary agreement with Global Foundries, aiming to bolster the domestic microchip supply. The agreement includes $1.5 billion in potential funding to support projects in New York and Vermont, expected to create approximately 10,500 jobs.
Commerce

The US Department of Commerce has released an update to their Equity Action Plan

The United States Department of Commerce has published an update to its 2023 Equity Action Plan, outlining new commitments aimed at promoting equity. The Equity Action Plan forms part of the Department's initiatives to ensure equal opportunities for all Americans.
Commerce

Report by the Consumer Financial Protection Bureau shows that large banks are charging higher interest rates than small banks

A recent report by the Consumer Financial Protection Bureau (CFPB) reveals that large banks have been imposing significantly higher interest rates compared to smaller banks and credit unions. This discrepancy in rates is causing the average borrower to lose substantial purchasing power.
Commerce

Associations petition White House to improve implementation of made in America requirements

A group of national trade associations has appealed to the White House, seeking improvements in the execution of the "made in America" stipulations for construction materials and products. The coalition expressed difficulties in navigating what they termed as the "opaque and unbalanced implementation" by the White House Office of Management and Budget (OMB).
Commerce

Marco Rubio and Rick Scott highlight threats posed by foreign third-party litigation funding

U.S. Senators Marco Rubio (R-Fla.) and Rick Scott (R-Fla.) have penned letters to the chief judges of Florida's three federal districts, emphasizing the threats to the U.S. judicial system presented by foreign third-party litigation funding (TPLF). The senators expressed that the federal judiciary requires increased transparency around foreign TPLF to avert "hostile foreign actors" from influencing litigation.
Commerce

FTC's proposed rule prohibiting junk fees would cost restaurant industry billions to change menus

The National Restaurant Association and the Restaurant Law Center have petitioned the Federal Trade Commission (FTC) to exempt restaurants from its proposed regulation on deceptive fees. In their joint comments submitted on the proposal, these organizations argue that a blanket ban on concealed and misleading fees would be "unwarranted, unlawful, and would create significant unintended consequences for consumers."
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