Diesel update: The average price of diesel decreased by 0.5 cents a gallon. Putting the average price of diesel at $3.800, per the U.S. EIA.
The Midwest region was down 0.2 cents, the USWC was down 0.6 cents, the USGC was down 1.2 cents, and the USEC was down 0.5 cents.
Tariffs: Certain country-specific reciprocal tariffs are now set to take effect on August 7th, following a newly issued Executive Order. While earlier discussions pointed to an August 1st start date, the updated order allows affected countries a few extra days to prepare or continue negotiations to try and reach a trade agreement. Of note, the U.S. and Mexico recently announced their agreement to a 90-day extension while they continue negotiations, per Freightwaves.
Additionally, a U.S. appeals court heard arguments over whether President Trump overstepped his authority by declaring an “emergency” under a 1977 law (International Emergency Economic Powers Act of 1977) to impose tariffs – a move that bypasses the need for congressional approval, NBC News reports. A ruling on the matter has not been decided.
Intermodal: Union Pacific and Norfolk Southern announced their agreement to merge together. According to their press release, they plan to file their application to the STB for their review, in the next six months. Both UP and NS hopes the closing of this merger will be official in early 2027.
Equipment: Preliminary data for U.S. trailer orders in June hit an unexpected increase of 144% (15,400 units) when compared to June of last year, per ACT Research and reported by Transport Topics. On a month-to-month basis June orders were up 133%.
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