MARKET BRIEF | February 2025
Trump Tariffs Timeline
Here’s a summary of the tariffs U.S. President Donald Trump has enacted since resuming office last month:
February 1: Announced a 25% tariff on imports from Canada and Mexico (excluding a 10% tariff on Canadian crude oil and energy imports) and a 10% tariff on all Chinese goods. These tariffs were set to take effect on February 4.
February 3: After negotiations, the U.S., Canada, and Mexico agreed to delay the tariffs by one month. Mexico committed to deploying 10,000 troops to its U.S. border, and Canada pledged to appoint a “fentanyl czar” and continue implementing a border security plan. In return, President Trump agreed to collaborate on anti-crime initiatives and curb weapons trafficking to Mexico. The new tariff implementation date is set for March 4.
February 10: President Trump announced 25% tariffs on all steel and aluminum imports, effective March 12, removing previous exemptions. He also introduced a requirement that steel be “melted and poured” and aluminum “smelted and cast” within North America to prevent circumvention by countries like Russia and China. An exemption for Australia was under consideration due to the U.S. trade surplus with the country.
February 13: Signed an executive order imposing “reciprocal tariffs” to match the tariffs that other countries impose on U.S. goods. This policy aims to address perceived trade imbalances, and is set to take effect on April 1.
Follow Speaking Logistics for live blog updates on the “Trump Tariffs.”
The Latest on De Minimis
The de minimis exception has been impacted by recent trade policies under the Trump administration. This exemption previously allowed goods under $800 to enter the U.S. duty-free. The new tariffs (announced February 1) on imports from China, Mexico, and Canada initially suspended de minimis for these countries. This particularly affected Chinese e-commerce platforms like Shein and Temu, increasing costs and Customs scrutiny. However, shortly after the announcement, the administration delayed the cancellation, keeping the exemption in place until the Secretary of Commerce establishes effective tariff collection systems. The delay means businesses can still ship low-value goods duty-free for now, but uncertainty remains.
ILA to Vote on Contract
The International Longshoremen’s Association (ILA) will vote on a new six-year master contract for East and Gulf Coast ports on February. 25. The wage scale committee unanimously approved the tentative agreement with the United States Maritime Alliance (USMX), moving it toward ratification.
Key terms include:
- No fully automated terminals or equipment during the contract term.
- Port operators must consult the ILA early, before purchasing technology, to assess impacts and negotiate terms.
- New technology will require mutual agreement on staffing and workforce protections, ensuring no job or workhour reductions.
This agreement follows an October strike that halted operations for three days. The strike ended with a temporary extension of the previous contract to January 15, allowing time for negotiations leading to the current proposal.
The U.S. Plan for the Panama Canal
The U.S. is pressuring Panama to reduce Chinese influence over the Panama Canal, citing national security concerns. Secretary of State Marco Rubio, during his recent visit to Panama, emphasized the need for immediate changes, labeling the current situation as “unacceptable.” He warned of potential U.S. action if Panama doesn’t comply.
In response, Panamanian President José Raúl Mulino firmly rejected any negotiations over the canal’s control, asserting Panama’s sovereignty. He stated, “I cannot negotiate, and much less open a process of negotiation, over the canal. That’s sealed.” Despite U.S. concerns, Panama has taken steps to address issues related to its maritime operations. The Panama Maritime Authority has been actively removing vessels from its registry that do not meet international standards, emphasizing a zero-tolerance policy against the misuse of its registry.
Aeronet Worldwide Founder Passes Away at 87
Aeronet Worldwide’s founder, Tony Pereira, passed away on Sunday, February 9, at the age of 87. In 1982, armed with $100, a Buick LeSabre, and the help of his 18-year-old son Alex, he began making pickups and deliveries in California’s Silicon Valley, developing the company we now know as Aeronet. Over 42 years, he built it into …
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