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Shipping rates soar as retailers race to beat looming Trump tariffs
Platts said global container rates rose 80% in 30 days as retailers rushed shipments ahead of possible U.S. tariffs, lifting costs to four-year highs.
- Global shipping rates leaped about 80 per cent in the 30 days ended June 24, reaching four-year highs. Freightos data shows a 40-foot container from East Asia to North America climbed 120 per cent to US$6,200.
- Retailers are rushing to book shipments ahead of potential U.S. tariffs on at least 60 countries. Judah Levine, head of research at shipping platform Freightos, attributed the surge to fuel price increases stemming from the Strait of Hormuz closure.
- The Trump Administration plans new tariffs on at least 60 countries accused of allowing goods made by forced labour into the U.S. supply chain. Lisa McEwan, co-owner of customs brokerage Hemisphere Freight, warns customers will pay the price at checkout.
- Canada faces a 10 per cent export tariff on non-CUSMA compliant goods, though most exports remain exempt. John Corey, president of the Freight Management Association of Canada, calls the July 1 renewal deadline "much ado about nothing."
- Retailers are ordering holiday decorations and home furniture earlier than usual to secure shipments before tariff uncertainty shifts. The surge in demand continues to boost seaborne transport prices across the globe as Christmas arrives early this year.
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9 Articles
9 Articles
Shipping costs soar as retailers try to secure orders ahead of fresh tariffs
Retailers are rushing to import products ahead of possible new tariffs expected to land at the end of July. That's pushing the cost to move products by boat way up — and industry experts say consumers will bear the brunt of that extra cost.
·Canada
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The Toronto Star+6 Reposted by 6 other sources
Shipping rates soar as retailers race to beat looming Trump tariffs
Experts say retailers and importers — especially in the U.S. — are rushing to book shipments to get ahead of a potential fresh round of tariffs expected near the end
·Toronto, Canada
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Coverage Details
Total News Sources9
Leaning Left5Leaning Right0Center3Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
C 37%
Factuality
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