🙉🙈🙊President Donald Trump is going so far as to claim the success of his tariffs despite clear failure. This isn’t an exaggeration, just the simple truth.

Trump’s uncertainty on tariffs is causing real harm to the economy already. Data and stock market drops provide evidentiary proof that Trump’s “America first” protectionism is nothing more than a pipe dream. Just today, President Trump once again delayed tariffs on goods from Mexico and Canada at an insane 25 percent levy. Markets are unstable.

• The Wall Street Journal reported on March 4 that the Paris-based International Chamber of Commerce (ICC) was vehemently opposed to the trade war Trump instigated. ICC is concerned the trade war will cause a “great depression.”

• ICC deputy secretary-general Andrew Wilson told the Journal, “Our deep concern is that this could be the start of a downward spiral that puts us in 1930s trade-war territory.” This is a very measured assessment of historical evidence that led to an economic downturn. As such, extreme protectionism is damaging the economy.

• Trump and his supporters persisted claiming this was a bid to fix the economy despite the United States having a very strong outlook at the end of Biden’s term.

• Speaking to journalists today, Trump confirmed that he slowed down the adoption of tariffs on key products covered by the USMCA after consulting with key firms and leaders, including a discussion with Mexican President Claudia Sheinbaum.

• Such consultations delayed the levy of tariffs until April 2. Even with reprieve as the policy, for now, huge market downturns are brought on by rapid sell-offs.

• Trump downplayed the sell-offs, blaming what he called “globalist companies” who are “ripping off” the American economy. This is an utter lie or President Trump is willfully ignoring the clear evidence that tariffs are causing much harm.

• “After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay tariffs on anything that falls under the USMCA Agreement,” said Trump in a Truth Social post. He thanked her for “cooperation.”

• President Sheinbaum replied to Trump via X, “We had an excellent and respectful call in which we agreed that our work and collaboration have yielded unprecedented results, within the framework of respect for our sovereignties.”

• Despite this reprieve, Prime Minister Justin Trudeau of Canada is going on the offensive — or, more so, the defensive. The AP reports that Canada’s retaliatory tariffs remain in place despite the reprieve and Trump postponing the levies.

Bottom line: Trump promised a radical trade and foreign policy when he entered office. But did we all — supply chain stakeholders, companies, and consumers — expect such a bitter trade war? Only time will tell the real economic harm done by Trump.

MORE: “Mexico’s cool-headed president charms Trump on tariffs” - Bloomberg Opinion via the Australian Financial Review

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📈BY THE NUMBERS…📈

⛽ Diesel: $3.635 / gal (⬇️from $3.697 last week) - EIA

✈️ Air Cargo Index (Jan. ‘25): 191.7 (⬇️from 196.3 in Dec. ‘24) - FRED

🚢 Global Container Index: $2,718.20 on March 6, 2025 - Freightos

📰OTHER NEWS IN FREIGHT📰

⬇️Trans-Pacific Ocean container rates tumble: Container rates on trans-Pacific routes to the U.S. are falling due to a seasonal slowdown and the end of import frontloading. Shippers had rushed imports to avoid Trump administration tariffs, now at 25 percent.

More at Freight Waves…

🚂American railways see freight traffic climb by 5.4 percent: The Association of American Railroads reports U.S. freight railroads moved 508,531 carloads and intermodal units in the week ending March 1, up 5.4% from last year. Carloads rose 1.4 percent to 222,757, while intermodal units increased 8.8 percent to 285,774.

More at Progressive Railroading…

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