Competitive Edge
May 14th, 2025
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Questions about Tariffs?
Feeling unsure about how tariffs might affect your goods? Whether you’re exploring exemption options or just need a clearer picture, we’re here to help. Send us an email at [email protected]Â
Market Update
Tariffs —Â A few updates from late last week and over the weekend. The United States and China reached a trade agreement, marking a significant step. Under the deal, both countries will roll back some of their tariffs. Per Executive Order, both sides agreed to a 90-day pause and will move their reciprocal tariffs down by 115%.
Across the pond, the United Kingdom and the U.S. have also finalized a trade agreement. While the 10% reciprocal tariff remains in place, a new arrangement has been reached regarding Section 232 tariffs on U.K. auto imports (details here). Under the deal, the first 100,000 vehicles imported annually by U.K. automakers will continue to face the 10% tariff. Any vehicles exceeding that quota will be subject to a higher 25% tariff, according to a White House fact sheet.
Air cargo:
According to the International Air Transport Association (IATA), global air cargo volumes grew by 4.4% year-over-year in March. Several factors may have contributed to this increase, including the typical rebound following a slower February, a year-over-year decline in jet fuel prices, and ongoing uncertainty surrounding tariffs.
Global Port Volumes in April
U.S. container imports remained strong in April 2025, rising 1.2% over March and 9.1% year-over-year, according to the latest Descartes Global Shipping Report. Monthly volumes reached 2,410,371 TEUs—surpassing 2.4 million for the second time this year—and marking the second-highest April on record, just 46,808 TEUs below the April 2022 peak.
Imports from China jumped 5.4% month-over-month to 804,122 TEUs, per Descartes, a 6.2% increase compared to April 2024. This surge likely reflects frontloaded shipments as businesses try to stay ahead of continued tariff uncertainty.
Collectively, the top ten U.S. ports handled 52,963 more TEUs in April, a 2.7% increase from March. West Coast ports saw the strongest gains, with Los Angeles up 13.9% and Long Beach up 12%, as in Descartes data report. In contrast, several East Coast ports experienced declines, including Savannah (-8.7%), Charleston (-6.7%), and Norfolk (-3.7%).
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