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The Trump Administration raised Section 232 steel and aluminum tariffs to 50% (previously 25%), except for the UK, which remains at 25% through July 9th.

The change took effect at 12:01 a.m. Washington D.C. time on Wednesday, June 4th.

Executive Order

Senior rail managers from China, Kazakhstan, Uzbekistan, Turkmenistan, Iran, and Turkey met in Tehran to collaboratively develop China-Europe container traffic strategies. Increased demand on this route has already been demonstrated, particularly between China and Iran via Kazakhstan, which was 2.6 times greater between January and April 2025 than during the same period in 2024.  

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Latin America’s logistics market reached $360b in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 6.6% through 2030. Latin American airfreight carriers are adding cargo capacity as they anticipate healthy demand in a market that appears safe from tariff disruption:  

• Avianca is taking delivery of two Airbus A330 passenger-to-freighter (P2F) aircraft, bringing its cargo fleet to nine aircraft.  

• LATAM is waiting for the arrival of its last converted Boeing 767 freighter.  

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The European Union adopted its 17th sanctions package against Russia, its most comprehensive effort yet. Notably, these restrictions come without a corresponding package from the U.S.   

• The latest iteration adds 189 shadow fleet vessels, so the total number of EU-sanctioned ships now stands at 342, a rapid increase since the end of 2024, when the list was only 79 vessels.  

• The EU blocked 58 new companies and 17 individuals, taking the totals to 600 and 1,944, respectively.  

Related Initiatives

• The Panama Maritime Authority (PMA) will strengthen its ship-to-ship (STS) oil transfer operation requirements for tankers flying the Panamanian flag in an effort to halt sanctioned tankers from passing through its waters. 

• The Swedish government is tightening control of foreign ships by requiring them to provide insurance information. The new measures, which are set to take effect on July 1st, 2025, will authorize the Swedish Coast Guard and the Swedish Maritime Administration to collect insurance data not only from vessels calling at a port in Sweden but also from those passing through the country’s territorial waters. 

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• China will remove the retaliatory tariffs it introduced on April 4, 2025, and will also suspend or remove the non-tariff countermeasures taken against the U.S. since April 2, 2025.
• China will suspend its initial 34% tariff on the U.S. (announced April 4th, 2025) for 90 days, but will retain a 10% tariff during the pause period.

The U.S. will remove the additional tariffs it imposed on China on April 8 and April 9, 2025, but will retain all duties imposed on China before April 2, 2025, including Section 301 tariffs and Section 232 tariffs.

• The U.S. will suspend its 34% reciprocal tariff imposed on April 2, 2025, for 90 days, but retain a 10% tariff during the period of the pause.
• 90-Day suspension of ad valorem duties on China
• De Minimus tariffs decreased from 120% to 54%

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• Tariffs on cars exported to the U.S. will be reduced from 27.5% to 10% and apply to a quota of 100,000 U.K. cars, almost the total amount of cars exported last year.
• The 25% tariffs on U.K. steel/aluminium imported by the U.S. will be eliminated.
• The two nations will collaboratively create a secure supply chain for pharmaceutical products, with more details expected in the coming weeks.

The deal does not reverse a flat 10% levy, which still applies to most U.K. goods.

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Mexico will invest 46.4 billion pesos (USD $2.51 billion) in road infrastructure during 2025, focusing on seven priority locations, six continuity works, artisanal roads, and conservation and maintenance projects. Overall, Mexico’s infrastructure investments should improve highway connectivity throughout the country. 

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