Tariffs:
- As we mentioned last week, the U.S. Court of International Trade ruled that President Trump exceeded his authority in imposing certain tariffs. The Trump Administration has appealed the ruling and asked a federal court to grant a temporary stay, which was granted. This allows the tariffs to remain in place for now.
- On June 4th, steel and aluminum tariffs were bumped from 25% to 50% effectively, per an Executive Order. The United Kingdom has been exempt from the additional 25% increase, for now.
Diesel Update: The average price of diesel increased by 2 cents a gallon. Putting the average price of diesel at $3.471, per the U.S. EIA.
A mixed bag this week as the Midwest region was up 4.1 cents, USWC down 0.4 cents, USGC up 1.2 cents, and the USEC up 0.8 cents.
Manufacturing: The Manufacturing activity in May contracted again, for the third straight time. As Transport Topics reports, industries such as paper products, wood and print all felt contraction this month. While plastics and rubber, non-metallic minerals and petroleum saw activity expand.
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