Current events in United States trade policy have once again thrown the global supply chain into turmoil as President Donald Trump’s moves to impose and then partially suspend some tariffs have resulted in significant disruption and uncertainty for many businesses operating in North America. According to Freightos Baltic index, that unsettling feeling has extended to ocean container rates, already in the midst of the traditional early-year lull.
According to a report by factoring service altLine, a dire shortage of an estimated 24,000 truck drivers is leaving many trucks empty, costing the freight industry $95.5 million every week. According to the report, “the industry could generate $47.4 billion in annual revenue if all registered trucks were operational.”
Common seasonal decreases in freight combined with the pending threat of tariffs had a negative impact on truck driving jobs in February, with potentially more job losses to come. According to the most recent numbers from the Bureau of Labor Statistics, “nearly 2,000 trucking jobs were eliminated from the economy in February. That continues the trucking industry’s purge of excess drivers following a surge of new motor carriers in the wake of the pandemic. Since January 2023, employment in trucking has decreased in all but five months.” Read more…
