The U.S. State Department is offering up to $35 million for information that could lead to the arrests of seven drug dealers from China and Mexico, in an effort to curb fentanyl and other illicit drugs from flooding into the United States.

By Tyler Durden

 

President Biden’s plan to save Christmas by declogging Los Angeles and Long Beach ports has failed. The number of container ships anchored off the coast remains near record highs, and wait times to unload cargo is around three weeks. Some importers have opted out of the usual containerized shipping via ocean vessels for air freighters to ensure their goods make it to store shelves in time for the holidays.

Over the past three months, air freight rates on major shipping routes to and from China have doubled.

FT reports air freight rates between Shanghai to North America hit a record high of $14 per kilogram last week, up from $8 at the end of August. It even surpassed COVID highs of $12 when the entire world was using air freighters to ship medical goods worldwide during the early months of the pandemic. Similar routes such as Hong Kong to Europe and the US and transatlantic routes between the Europe and North America have experienced dramatic increases.

“Everyone knows if they want something on to the shelves before Christmas, they have to use air freight,” said Yngve Ruud, head of global airfreight at Kuehne+Nagel, one of the world’s largest freight forwarders.

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