Questions about Tariffs?
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Tariffs — 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.