Cross-border: Mexico remained the top trading partner of the U.S. during the month of April. However, trade between the two countries saw a 4% decline year-over-year, according to data from the U.S. Census Bureau.
Regulatory: Last week, President Trump officially rolled back an emissions policy that allowed California significant leeway in selecting their own transportation emissions rules. According to Transport Topics, the President blocked California from going forward with electrification rules specifically
Truckload: Month-over-month truck and intermodal rail shipments decline by 0.4%, and 4% year-over-year, according to the latest data from Cass Freight Shipment Index.
Tariffs:
A couple weeks ago, 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. Legal arguments for this will begin at the end of July (July 31st).
- On June 4th, steel and aluminum tariffs were bumped from 25% to 50% effectively, per an Executive Order. The United Kingdom has been exempted from the additional 25% increase, for now.
- As of June 16th, the United States and the United Kingdom finalized a trade agreement that includes key tariff exemptions. According to a White House official and reporting by Transport Topics, the U.S. will now allow a limited volume of U.K. steel imports to enter the country without being subject to the longstanding 25% tariff. More details of the agreement found here in a White House Executive Order.
Diesel Update: The average price of diesel increased by 10 cents a gallon. Putting the average price of diesel at $3.571, per the U.S. EIA.
The Midwest region was up 10.8 cents, USWC up 9.3 cents, USGC up 10 cents, and the USEC up 9.6 cents.
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