Shipping rates soar as retailers race to beat looming Trump tariffs
Platts Container Index says global container rates jumped 80% in 30 days as retailers and importers rushed to book shipments before possible new U.S. tariffs.
- 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.
12 Articles
12 Articles
Shipping Rates Soar as Retailers Race to Beat Looming US Tariffs
Christmas is coming early this year. And it’s pushing up shipping rates. A glut of early wholesale orders for everything from holiday decorations to home furniture has propelled maritime shipping costs to four-year highs as a result of tariff uncertainty and the Iran war, with potential repercussions for consumers. Industry specialists say retailers and importers—especially in the United States—are rushing to book shipments to get ahead of a pot…
The uncertainty related to tariffs and war with Iran do not justify the costs of shipping.
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.
The Toronto Star
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
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