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Structural overcapacity, tariff volatility, and uneven demand continue to reshape freight markets, with ocean and air rates drifting lower even as carriers lean on blank sailings and cost discipline to defend utilization. Tariff policy is also in flux, as the recent Supreme Court ruling struck down reciprocal and fentanyl-related measures while leaving Sections 301 and 232 intact, creating short‑term relief on some flows but fresh uncertainty around future universal and sector‑specific duties. Winter storms created brief spot-rate spikes in U.S. trucking and pockets of tightness, but flat contract rates, soft intermodal volumes, and selective strength in bulk rail, parcel, and warehousing underscore a patchy recovery that rewards shippers who lock in capacity while it's still abundant and proactively reoptimize networks for the next cycle.
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