The International Textile Manufacturers Federation posted in its weekly newsletter that current orders continue to be down in the mist of the COVID-19 pandemic. They state that orders across all segments of the global textile value chain have fallen between 37%-46% depending on the segment. Visit the link below to see the full ITMF newsletter.
Category: News
News from the American Cotton Shippers Association
ACSA & WCSA Submit Comment Letters Regarding ELS Cotton’s Inclusion to CFAP
The American Cotton Shippers Association (ACSA) and Western Cotton Shipper Association (WCSA) would like to thank USDA for the opportunity to submit comment letters regarding the eligibility of ELS to the Coronavirus Food Assistance Program (CFAP). Both ACSA and WCSA provided information regarding the impacts of the US/China Trade War and COVID-19 on the cotton industry, in particular ELS cotton. Please see the following links to view the submitted letters.
Click Here for ACSA’s Comment Letter
Click Here for WCSA’s Comment Letter
Hawaii Meeting Indicated Improving US-China Relations
On June 16th and 17th, Mike Pompeo, United States Secretary of State, met with Yand Jiechi, member of the Political Bureau of the Central Committee of the Communist Party of China and Director of the Office of the Foreign Affairs Commission of the CPC Central Committee. The document below provides an overview of the meeting and suggestions on how to further develop the relationship between the United States and China.
House Ways and Means Committee Hearing: The 2020 Trade Policy Agenda
The House Ways and Means Committee held a hearing on Wednesday, June 17th regarding The 2020 Trade Policy Agenda. Ambassador Robert E. Lighthizer served as the witness for the hearing. Please see the link below for key takeaways, opening statements, and a summary of the hearing.
China’s Policy and Market Report
This report provides information about China’s cotton market, textile industry, and policy updates. The report provides details regarding China’s cotton imports, 2020 planting area, and prices (both imported and domestic). It also provides information regarding China’s man-made fiber production and textile/apparel exports. Lastly, the report gives details regarding where China imported their cotton from. For May, the United States was the leading exporter of cotton to China.
Senator Wicker Advances Legislation to Establish National Shipper Advisory Committee at the FMC
The U.S. Senate Committee on Commerce, Science, and Transportation approved S. 2894, the Federal Maritime Commission National Shipper Advisory Committee Act of 2019. The news press from the committee was released on May 20, 2020.
ACSA Position Limits Comment Letter
ACSA submitted a comment letter to the Commodity Futures Trading Commission regarding the proposed rulemaking entitled “Position Limits for Derivatives.” Please visit the link below for a copy of our letter.
Coronavirus Food Assistance Program Summary for Upland Cotton Updated: May 22, 2020
The updated document below regarding USDA’s Coronavirus Food Assistance Program (CFAP) provides information regarding what producers must provide for CFAP, payment calculation examples, application process, and more.
Overview of the CFAP Provided by Texas A&M & Mississippi State University
The documents below provided by Texas A&M and MSU give details and information regarding the CFAP, payment limits, calculations, and more.
Click Here for Texas A&M overview.
Click Here for MSU overview.
Additional Guidance on the Paycheck Protection Program
The U.S. Department of the Treasury and U.S. Small Business Administration released new guidance regarding the Paycheck Protection Program. Please see the links below for more details.
Interim Final Rule on Loan Forgiveness (Released May 22, 2020)
Interim Final Rule on Loan Review Procedures and Related Borrower Responsibilities (Released May 22, 2020)
For more information and updates, visit Treasury.gov/CARES and SBA.gov/PayCheckProtection.
