Transpacific spot rates rapidly slump back toward pre-tariff reprieve levels
- SCFI Shanghai-US west coast spot rates assessment plunges 51% in two weeks to only $425 per feu above rate level in the week prior to US tariff reprieve
- Aggregate US tariffs on China total 50%-55% despite the reduction in May — a tax that may prove too costly for some US importers
- Transpacific demand could face further pressure beginning July 9 as some ‘Liberation Day’ tariffs snap back to higher levels
The predicted cargo transport boom following the pause in higher US tariff levels is quickly turning into a bust. Transpacific spot rates are in rapid retreat and the forward outlook is bearish
