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TGIF. Reagan believed tariffs would wreck the economy. Trump says they’ll save it. Markets are swinging, opinions are clashing, and where does freight stand in the crossfire? We're covering all this and more in today's feature story.
Plus:
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?? WHAT’S COOKIN’ IN FREIGHT
?? Trump EPA Overturns Biden-Era Truck Emission Rules. The Trump administration has scrapped 2027 heavy-duty truck emissions regulations, eliminating an expected prebuy surge and reducing costs for small trucking operators. EPA Administrator Lee Zeldin called the rollback the “greatest deregulation in U.S. history,” aligning with Trump’s pro-fossil fuel agenda. Industry leaders, including the ATA, praised the move, arguing that previous rules were costly and unrealistic. The EPA also plans to review greenhouse gas regulations and the Biden-Harris “EV mandate,” citing $700 billion in compliance costs. Zeldin stated, “The American auto industry has been hamstrung by the crushing regulatory regime of the last administration. As we reconsider nearly one trillion dollars of regulatory costs, we will abide by the rule of law to protect consumer choice and the environment.”
?? U.S. Container Imports Hold Strong...For Now. U.S. container imports remained high through early 2025 despite trade tensions, though a February dip saw volumes fall 10% from January while rising 4.7% year-over-year. Imports from China declined 12.5% month-over-month due to seasonal factors and new tariffs, but annual growth remained positive. Tariffs doubled to 20% in March, prompting retailers to accelerate shipments ahead of further increases. Proposed U.S. port tolls on Chinese vessels and geopolitical instability add further volatility. While major ports brace for a summer slowdown, shifting trade patterns could strain supply chains, impacting both consumer prices and economic stability. Furthermore, “Tariffs are taxes on imports ultimately paid by consumers, not foreign countries, and American families will pay more as long as they are in place,” per the words of Jonathan Gold, NRF Vice President for Supply Chain and Customs Policy.
?? Equity Transportation Shutting Down. Equity Transportation Co. Inc., a 51-year-old trucking company based in Walker, Michigan, has ceased operations, laying off all drivers. Reports indicate some employees are awaiting final wages, with bounced checks adding to concerns. The company, flagged for financial distress, faced operational challenges, including regulatory violations and accidents. Broader industry pressures—overcapacity, declining rates, and economic uncertainty—have contributed to a wave of trucking bankruptcies. Equity’s shutdown is another tragic story within the ongoing freight recession, where even long-established carriers struggle to survive in a volatile market. The company, as of today, has not issued a statement. And so, this developing story continues.
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Tariffs, Trade Wars & Freight: A Deepening Divide
The tariff saga just won’t quit.
Trump’s latest trade salvos—including threats of 200% tariffs on European wines and a now-paused 50% tax on Canadian metals—are sending shockwaves through markets, freight rates, and political circles.
While some see tariffs as a necessary move to protect American jobs, others argue they’re a surefire way to disrupt global supply chains.
Here’s where things stand:
FreightCaviar Poll: What Does the Industry Think?
We asked our 65,935 LinkedIn followers if tariffs are good for freight. Here’s what they said:
The results highlight a divided industry, with more respondents seeing tariffs as a net negative for freight movement.
"Tariffs are not just about protecting American jobs. They’re about protecting the soul of our country." – Trump
"You see, at first, when someone says, 'Let's impose tariffs on foreign imports,' it looks like they're doing the patriotic thing by protecting American products and jobs. And sometimes, for a short while, it works—but only for a short time." – Ronald Reagan (1987)
Markets in a Spiral
Tariff turmoil isn’t just hitting freight—it’s hitting Wall Street hard.
?? Dow: -1.6% ?? S&P 500: -1.6% ?? Nasdaq: -2.2% ?? Russell 2000: -1.8%
"The question for markets is whether good news on inflation can make itself heard above the noise of the ever-changing tariff story." – E-Trade
Expert Take: Can This Trade War Cool Off?
As tariff tensions escalate, some experts are urging a course correction. Jason Miller, a Supply Chain Professor at Michigan State University, has outlined key steps that he believes could de-escalate the trade war and prevent further economic fallout.
His proposed strategy includes:
Cross-Border Freight Feeling the Pinch
Canadian and Mexican imports are in limbo, causing spot market volatility.
According to DAT, cross-border dry van rates with Canada are in free fall, and brokers are hesitant to commit to long-term pricing with the policy shifts.
Steel and aluminum tariffs remain a sticking point, with Trump pushing for a protectionist stance while Ontario’s government retaliates with surcharges on U.S. electricity exports.
Reagan vs. Trump: A GOP Trade Divide
Trump’s hardline stance on tariffs has some business leaders looking to the past for guidance—and they’ve found it in Ronald Reagan’s free-trade philosophy.
A 1987 Reagan speech denouncing tariffs has gone viral in corporate circles, with CEOs like JPMorgan’s Jamie Dimon reportedly sharing it internally as a counterpoint to Trump’s trade war.
From the past, Regan offers strong counterpoints to leveraging tariff policies:
"Throughout the world, there's a growing realization that the way to prosperity for all nations is rejecting protectionist legislation and promoting fair and free competition."
"High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. The result is more and more tariffs, higher and higher trade barriers, and less and less competition."
"Markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs."
This signals a major ideological shift within the GOP, as Trump reshapes the party’s stance on global trade.
What’s Next?
As tariff drama unfolds, FreightCaviar will be watching closely. How do you think tariffs will impact your business? Send us a reply to this newsletter and vote in our LinkedIn poll.
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?? AROUND THE FREIGHT WEB
?? Thief WARNING. The Bannon Report posted on its LinkedIn about MC954343 stealing freight with multiple sources to support these claims. Aman Pannu (Ohio CDL) and Michael Rock (Pennsylvania CDL) are drivers to look out for and stay away from. Chances are they have switched MCs.
?? Python-Assisted Robbery. In Tennessee, a group of men used pythons to intimidate and rob truck stop employees out of $400 of products. There was intent to steal more, but with too many people in the shop, the thieves opted to run away.
? Labor Agreement. ILA and USMX have officially signed a landmark six-year contract, covering U.S. East and Gulf ports. The deal gives union members a 62% raise over the course of the contract and job protections linked to automation technologies.
?? KAL Freight Update. KAL Freight will remain under Chapter 11 bankruptcy after some creditors feared it would fall under Chapter 7. KAT will be sold eventually, but what assets will remain is still unclear.
?? Nirvana's Funding. AI-powered trucking insurance startup Nirvana raised $80M at an $830M valuation. This new funding will be used to build more services for fleets and individual drivers.
?? GE Aerospace's Plans. GE Aerospace plans to invest nearly $1 billion in its U.S. manufacturing and supply chain this year to bolster factory capabilities and adopt new technologies. In addition to this, the plan is to also hire 5,000 workers in the U.S.
?? THE FREIGHT CAVIAR CORNER
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