— Tariffs:
Canada and Mexico – In a February 24th news conference, President Trump stated the tariffs on Canada and Mexico are on track to go into effect on March 4th. This follows a 30-day delay earlier in February, which was implemented to give the two countries time to address border security issues. Both Canada and Mexico have warned that they will impose retaliatory tariffs if these measures are enforced.
Furthermore, the President has revealed plans to impose new tariffs on all steel and aluminum, as well as possibly other reciprocal tariffs, to “align the tax rates that other countries impose on American imports,” according to Freightwaves. However, these proposed tariffs have yet to be implemented, and further information is awaited regarding specific details.
Additionally, as of February 4th, the U.S. enacted 10% additional tariffs on Chinese imports.
–ILA union members have voted to ratify the new six-year master contract, which covers more than 20,000 workers along East/Gulf Coast ports, per Freightwaves. The official signing will be on March 11th.
— The Port of Los Angeles continues to post record numbers, seeing an 8% year-over-year increase on TEUs processed in January. According to the Port’s Executive Director, in a news release, this increase was largely due to “a strong economy, along with importers bringing in cargo as a hedge against tariffs and ahead of Lunar New Year.”
Port of LA is not alone, Georgia ports released their January numbers and container volumes have grown 12.5% percent year-over-year.