Advisories

The Trump Administration announced framework agreements on reciprocal trade and investment with Argentina, Ecuador, El Salvador, and Guatemala.

The baseline tariff rate of 10% will remain in place on goods from Argentina, El Salvador, and Guatemala, and a 15% tariff rate will remain in place on Ecuador. The frameworks will allow for tariffs to be lowered or dropped on certain goods, such as bananas, coffee, and cocoa.

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Strong Transpacific traffic, labor strikes, equipment shortages, and other critical issues continue to plague key European ports. 

Major container terminals, such as Antwerp-Bruges (Belgium), Le Havre (France), and Rotterdam (Netherlands), are experiencing congestion, high yard utilization, and extended wait times.

Terminal Operations Updates

The United States and China reached a consensus agreement that will lower tariffs on imports from China to 10%, down from 20%, effective immediately. A variety of Section 301 and Section 232 tariffs remain in place, and goods from China will still face a duty burden of roughly 47%, according to U.S. Trade Representative Jamieson Greer.

China’s Ministry of Commerce also confirmed the U.S. would further extend its pause on reciprocal tariffs for another year.

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Effective November 1, 2025, the Trump Administration will use Section 232 to impose a 25% tariff on imports of medium- and heavy-duty trucks and truck parts. The proclamation also sets a 10% tariff on imports of buses, including school buses, transit buses, and motor coaches.

• Medium- and heavy-duty trucks include Class 3 to Class 8 vehicles, like large pick-up trucks, moving trucks, cargo trucks, dump trucks, and tractors for eighteen-wheelers.
• For medium- and heavy-duty trucks that do not qualify for preferential tariff treatment under the United States-Mexico-Canada Agreement (USMCA), the tariff will apply to the full value of the vehicle. For medium- and heavy-duty trucks that qualify for preferential tariff treatment under the USMCA, the tariff will only apply to the value of the non-U.S. content in the vehicle.
• The tariff on medium- and heavy-duty truck parts will apply to key parts, including engines, transmissions, tires, and chassis.
• USMCA-compliant medium- and heavy-duty truck parts will not be subject to tariffs imposed in the Proclamation until the Commerce Secretary, in consultation with Customs and Border Protection (CBP), establishes a process to apply tariffs to the non-U.S. content of the parts.

Presidential Proclamation