Trade Lane Update

Trade Lane Update: Week of February 5th, 2025

— An Executive Order from President Trump was issued on February 1st that was slated to impose new tariffs on imports into the U.S. from our cross border neighbors and China. Here’s latest developments:

China: As of February 4th, an additional 10% tariff on Chinese imports took place. China announced retaliatory tariffs on certain U.S. imports, but reports say those take effect on February 10th. 

Mexico/Canada: The 25% tariffs that were planned for Canadian and Mexican imports has been PAUSED FOR 30 DAYS, as of February 3rd. This comes after the President of Mexico and the Prime Minister of Canada reached an agreement with U.S. President Trump on matters regarding border security, per CNBC. 

— Ports in North Europe dealt with severe storms last week, impacting vessel movement and port operations. According to the JOC the storm made its way through Hamburg, Antwerp, Rotterdam, Le Havre, Dunkirk, Felixstowe and Southampton. Maersk and CMA CGM also released customer advisories last week warning of the severe weather impacts.


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— New ocean carrier alliance, Gemini Cooperation, first ships set sail on February 1st. The entire network will be completely phased in by in June, the carriers said in statements.

— The International Longshoremen’s Association (ILA) union is set to meet this week to start the ratification process on the new tentative bargaining agreement that was made in early January, per Journal of Commerce reporting. A full vote on the contract is expected to occur near the end of February.

 

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