Tariffs:
Automobiles/Auto Parts:
— An Executive Order was issued by President Trump, imposing a 25% tariff on various automobiles and auto parts. This tariff is in addition to any existing duties, fees, or charges. For autos entering the U.S. or withdrawn from warehouses for consumption, they will become effective on April 3rd at 12:01am EDT. There is not yet a determined effective date for auto parts, but the Executive Order states it will be no later than May 3rd.
Furthermore, according to an NBC News report, automobiles imported under the USMCA and deemed compliant will remain tariff-free until the government establishes a formal process for applying the 25% tariff.
New tariffs on steel and aluminum have gone into effect as of March 12th at 12:01am EDT. Additionally, on the cross-border side of things… the Canada/Mexico tariffs (under USMCA compliance) have been since paused until April 2nd, per Presidential Executive Order.
Later this afternoon, President Trump is expected to lay out details of new tariffs that are expected to be rolled out.
Schedule Reliability:
— Global schedule reliability in February was 54.9% – a 1.8% increase year-over-year and a 3.6% increase month-over-month, per Sea-Intelligence.
Port volumes:
— Port Houston: Total tonnage at the port’s terminal in February decreased 5% year-over-year, per the port’s press release. However, general cargo is up 9% year-over-year. The port attributes weather as a key impact to these numbers.
Port of Corpus Christi: moved 16.7 million tons of cargo in February – a 6% year-over-year increase, per Freightwaves reporting. The port also had a big month for crude oil, per Freightwaves, they handled 10.4 million total tons – a 12% increase year-over-year.