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Jet fuel rose 106.6% year-over-year (YoY), reaching its highest level in more than 23 years. This has pushed cargo yields up, creating an inflationary pricing environment. Fuel costs—not demand—are now the primary driver of freight pricing.

• For carriers: margin protection through surcharges. The world’s 20 largest airlines are cancelling flights, reducing global capacity overall.
• For shippers: higher costs and volatility even in a soft market environment.
• Consumers will be forced to absorb the extra costs of jet fuel through new fees for bags, seats, etc.

Asian governments are taking defensive measures to prevent fuel shortages—subsidies, export curbs, and work-from-home mandates, etc.—but these are largely short-term solutions that won’t prevent deeper trouble long term. 

Fatih Birol, Head of the International Energy Agency, estimates that Europe has six weeks of jet fuel remaining. 

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Since April 22^nd, 2026, the Canada Border Services Agency (CBSA) has been experiencing IT system issues that impact all parties transmitting data via Electronic Data Interchange (EDI) and the eManifest portal, which may impact the clearance of your shipments into Canada. These delays are due to CBSA system performance and are outside the control of freight forwarders, customs brokers, and service providers.

There are significant delays in outbound messages, including acknowledgements, reject messages, and release-related notices (e.g., RNS and completeness notices). Current delays are approximately 1–3 hours for inbound processing and 8–13 hours for outbound messages. In some cases, shipments may remain in “Updating” status within the eManifest portal.

These system delays may result in delayed customs clearances and cargo release, leading to additional costs such as air storage, ocean demurrage, terminal charges, and yard storage fees. At this time, CBSA has not provided an estimated time for resolution.

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U.S. Customs & Border Protection (CBP) will launch phase 1 of the Consolidated Administration & Processing of Entries (CAPE) system in the ACE Portal on April 20^th, 2026. This initiative is still quite limited in scope, but CAPE phase 1 does allow importers to reclaim IEEPA duties, including interest.

Additional details about what phase 1 includes/excludes are provided below.

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The U.S. made significant updates to Section 232 tariffs for key metals and pharmaceutical imports. 

Key Changes (Effective April 6^th, 2026, 12:01 a.m. ET) 

Metals

Tariffs will now be assessed based on the full value of imported goods—not reduced foreign pricing. 

• 50% tariff: Articles made entirely or almost entirely of steel, aluminum, or copper (e.g., coils, sheets).
• 25% tariff: Derivative products substantially made of these metals.
• 15% tariff (through 2027): Certain metal-intensive industrial and electrical grid equipment to support U.S. industrial expansion.
• 10% tariff: Products manufactured abroad using entirely U.S.-origin metals.

Exemption: Goods containing 15% or less of these metals are no longer subject to Section 232 tariffs.

Pharmaceuticals

100% tariff on patented pharmaceutical products and ingredients under Section 232. Effective in 120 days (large companies) and 180 days (smaller companies).

Reduced tariffs (15%) apply for certain places: EU, Japan, Korea, Switzerland, Liechtenstein, and the United Kingdom (per recent agreement).

白宫概况介绍

U.S. Customs and Border Protection (CBP) has established a four-step process to refund importers for voided International Emergency Economic Powers Act (IEEPA) tariffs. The Consolidated Administration & Processing of Entries (CAPE) system consists of four steps:

1. Claim submission
2. Mass processing
3. Review and liquidation/reliquidation
4. Refund delivery

While CAPE represents progress, Phase 1 is limited in scope, and CBP has not clarified how it will interact with existing strategies, such as filing protests.

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Airspace restrictions remain in place for these countries:

Bahrain, Iran, Iraq, Israel, Kuwait, Lebanon, Qatar, & Syria.

• Airspace is now open in the United Arab Emirates (UAE), and airlines from some neighboring countries are flying (EgyptAir, Oman Air, etc.)

Latest Updates

Several leading ocean carriers—CMA CGM, MSC, Hapag-Lloyd, etc.—have already announced emergency fuel surcharges for routes to and from the Middle East.

Most carriers are expected to implement emergency fuel surcharges in April, although the exact amounts and implementation dates are still being reviewed.

Latest news

Peak Season Surcharges (PSS) are already in place for many routes to and from the Indian subcontinent.

India, the world’s #3 oil consumer, imports >80% of its crude oil needs and 60% of its cooking gas, with the Middle East accounting for a large chunk of the supply.

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