Currently, the Administration has made deals with the United Kingdom, Vietnam, Indonesia, the Philippines, Japan, a framework deal with China, and most recently a framework agreement with the European Union. The agreement with the EU will set a 15% tariff on the majority of goods, per a White House Fact Sheet. Tariffs that are expected for countries who have yet to make a trade deal include a 50% tariff on Brazil, 35% on Canada, 30% tariff on Mexico, and a 25% tariff on South Korea – ABC News and CNBC report.
The Trump Administration has talked about rolling out industry-specific tariffs to complement the existing country-by-country measures. According to Transport Topics, the announced plans include a 50% tariff on copper imports – though no effective date has been provided. In addition, Supply Chain Dive reports that a 93.5% tariff on graphite imports from China is in the works, final determinations expected by early December. Similar investigations have been launched into semiconductors and pharmaceuticals, though details – including potential implementation timelines, remain limited.
Capacity: Shippers throughout Northern Europe may face heightened challenges in August and September as a surge of container traffic from Asia arrives at already-congested ports, according to Sea-Intelligence. Strong import demand across the region has kept vessels running near full capacity, with volumes climbing at double-digit rates. This momentum is expected to continue into the third quarter, compounding pressure on terminals already operating under strain.
Port Volumes: Port Houston saw a decrease (2%) in container volumes during the month of June, according to a port press release. But, when it comes to total cargo volumes the port reports a 3% increase from the same period last year.
Intermodal: Norfolk Southern and Union Pacific have reached an agreement to merge. In their agreement, they mention how this combination will allow the companies to connect over 50,000 route miles throughout 43 states along the East Coast to the West Coast and be linked to approximately 100 ports and nearly every corner of North America.