With 2018 coming to a close, US trucking companies are expecting to see freight volumes remain steady if not increase heading into 2019. One factor leading to a rise in truckload shipments can be linked to increased tariffs on Chinese goods by the US. The uptick in tariffs can be traced back September of 2018 when President Trump raised tariffs to 10% on 200 billion worth of imported Chinese products. This news immediately impacted and shifted peak shipping seasons on land and by sea in the US.
From Black Friday to Cyber Monday and all throughout December, there will be more products sold and shipped in the U.S. than any other time of the year. Staffing shortages and recent import tariffs have made retail executives stay on their toes and prepare for the season.
Another concern that certainly weighs heavy on their minds are fuel and trucking costs, in particular the truck driver shortage that has plagued the trucking industry for years now.
Late Sunday evening The U.S., Mexico, and Canada came to a trilateral trade deal to replace North American Free Trade Agreement (NAFTA). The new agreement is being called USMCA, U.S.-Mexico-Canada Agreement. After a year of negotiations, here are some of the terms that are now public.
The International Maritime Organization (IMO) impending regulation change might not grab headlines like the Iran sanctions or the Venezuelan economic crisis have; but some experts feel it will have a large impact on crude oil prices in less than 1 ½ years. On January 1st 2020, the IMO is set to enforce that marine vessels can only burn low sulfur diesel. This restriction is in place to reduce carbon emissions globally.