Tariffs:
— The Canada/Mexico tariffs that went into effect March 6th have since been paused until April 2nd, under President Trump’s executive order. This applies to imports covered by the U.S.–Mexico–Canada Agreement, which accounts for approximately 50% of goods from Mexico and 38% from Canada, according to NBC News.
— Steel/Aluminum: New tariffs on steel and aluminum have gone into effect as of today, March 12th at 12:01am EST.
Air freight:
— IATA reports that air cargo demand was up 3.2% in January year-over-year, marking a positive sign of growth for the sector. But, the outlook is a bit gloomy as tariff concerns weigh on the minds of stakeholders on what demand will look like throughout the year.
— Like other major U.S. ports, the Port of NY/NJ is experiencing strong growth at the start of 2025. According to the Port Authority’s press release, the port handled 720,747 TEUs in January 2025, making it the third-busiest January on record. This represents an 8% year-over-year increase and a 5% rise from December 2024.