Tariffs, power plays, and a ticking clock
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April 2 is being called “Liberation Day”—but for who? From trade shifts to port deals and ceasefire talks, here’s what’s moving global freight.
TARIFF UPDATES
President Trump announced plans to impose a 25% tariff on any country that purchases oil from Venezuela, calling the move a response to what he described as Venezuela’s hostility toward the U.S. and its alleged role in sending criminals across the border. The tariff would apply to all trade those countries conduct with the U.S. and is set to go into effect on April 2—“Liberation Day.”
The policy is expected to hit China hardest, as it remains Venezuela’s top oil buyer. It’s unclear whether the U.S. would be impacted through Chevron’s joint-venture license, which has been extended through May. The move adds another layer to the administration’s evolving tariff strategy.
Trade tensions between the U.S. and EU just got a little breathing room. The EU has delayed retaliatory tariffs—including a proposed 50% duty on American whiskey—in response to President Trump’s steel and aluminum tariffs. The delay, now set to mid-April, is meant to allow more time for dialogue, even as Trump prepares a fresh round of "reciprocal" tariffs that could further escalate things.
Industry groups welcomed the EU’s move, calling it a chance to avoid major damage—especially to the transatlantic spirits trade. With both sides under pressure to protect exports, the coming weeks will be critical.?
The White House is refining its April 2 tariff plan, stepping back from sweeping industry-wide duties and focusing instead on “reciprocal tariffs” targeting countries with significant trade imbalances. Internally referred to as “Liberation Day,” the date marks a major trade policy move. Sector-specific tariffs on autos, semiconductors, and pharmaceuticals—once expected—are now unlikely to be announced that day.
The revised strategy will concentrate on a group referred to as the “dirty 15,” a set of unnamed nations expected to face the steepest penalties. Rather than a tiered system, each country will receive a customized tariff rate, with implementation possibly happening immediately under emergency authority.
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Exemptions are expected to be rare. Officials suggest offering carve-outs now would weaken future negotiating power, despite pressure from industry groups and lobbyists. As April 2 approaches, businesses are watching closely for clarity on how—and where—these tariffs will land.
IN THE NEWS
A.P. Moller-Maersk’s APM Terminals has signed a lease extension at its Elizabeth, NJ facility in the Port of New York and New Jersey. The move reinforces Maersk’s long-term commitment to the East Coast’s busiest port, following record cargo volumes in 2024. The deal also supports the port’s push for greater investment and infrastructure upgrades as it works to stay competitive in global trade.
A U.S. delegation is in talks with Russian officials, aiming to secure a maritime ceasefire in the Black Sea to protect commercial shipping routes amid the ongoing war in Ukraine. The discussions, held in Saudi Arabia, follow similar outreach to Ukrainian leaders. While a broader 30-day ceasefire has seen limited results, U.S. officials remain hopeful that targeted maritime agreements could reduce risks for vessels operating in the region.
We’ve got our eyes on the ports, the policies, and the plot twists—so you don’t have to. We’ll keep you updated every step of the way!?
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