Tariffs:
Last week the United States and China reached a trade agreement, marking a significant step. Under the deal, both countries will roll back some of their tariffs. Per an Executive Order, both sides agreed to a 90-day pause and will each lower tariffs down by 115%. Other U.S. measures will remain in place.
This tariff impact has also driven an increase in demand for bonded warehousing, putting added pressure on trucking routes serving inland markets.
Diesel update:
The average price of diesel increased by 6 cents a gallon. Putting the average price of diesel at $3.536 per the U.S. EIA.
The Midwest region (up 6.5 cents), USWC (up 8.5 cents), USGC (up 5.8 cents), and the USEC (up 4.6 cents), all saw increases compared to last week.
Intermodal: Norfolk Southern will end their international intermodal service on over 20 routes throughout the U.S. East Coast, effective May 31st, the Journal of Commerce reports. One of those routes is the Port of Virginia to Memphis, and Chicago to Jacksonville.
Regulations: Oregon is hitting pause on enforcement of its Advanced Clean Trucks Rule, effective immediately. As reported by Transport Topics, the state is implementing a two-year delay, during which manufacturers will not face penalties for failing to meet zero-emission vehicle sales targets. However, they will still be required to submit sales and compliance reports on their efforts to adapt clean technologies.
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