U.S. importers paid a record $16.5 billion in tariffs in April, reflecting the full impact of President Trump’s new universal tariffs. Importers rushed to beat rising tariffs, causing a surge in shipments from China. Now jobs lost and related industries like trucking and trains impact was quick to occur
Schneider National: The company has reported higher costs due to tariffs on imported truck parts and reduced freight volumes. J.B. Hunt Transport Services: Facing supply chain disruptions, especially in cross-border trucking with Mexico and Canada. Knight-Swift Transportation: Has seen declining demand for freight services as tariffs drive up consumer prices
Rail has the double whammy of reduced freight and increased costs from Tariffs on steel and aluminum have increased costs for rail infrastructure and maintenance.
Donald Trump has frequently praised tariffs, calling them "the most beautiful word in the dictionary"
Mean while most Economists argue that tariffs create a "lose-lose" scenario for jobs and industry, as higher production costs and trade disruptions outweigh any potential benefits.
