📌 Current U.S. Tariff Status (as of November 21, 2025)

• EU Ends Duty-Free Low-Value Imports: The EU will begin phasing out its €150 duty-free threshold as early as 2026, with a full transition planned for 2028. Most ecommerce sellers will be treated as deemed importers responsible for duties, VAT, and compliance filings through the future EU Customs Data Hub.

• EU VAT and Handling Fee Changes: The EU plans to expand the Import One-Stop Shop (IOSS) to all goods, regardless of value, shifting VAT collection to the point of sale. Several member states have also proposed new handling or customs fees for low-value parcels.

• U.S. Agricultural Tariff Exemptions: Effective November 13, President Trump exempted select agricultural products—including coffee, bananas, and fertilizer inputs—from reciprocal tariffs, with retroactive coverage for goods entered on or after that date.

• U.S.–Switzerland/Liechtenstein Framework: Announced November 14, most goods from Switzerland and Liechtenstein will face either the MFN rate or a 15% composite tariff once finalized, with a 15% cap for pharmaceuticals and semiconductors tied to Section 232 cases.

• Latin America Trade Frameworks: The U.S. has outlined tariff frameworks with Argentina, Guatemala, Ecuador, and El Salvador, keeping existing MFN rates while planning to remove certain reciprocal tariffs and reduce non-tariff barriers for U.S. exports.

• Other Developments: IEEPA-based tariffs remain in effect while the Supreme Court reviews their legality. The U.S. and China have begun implementing October 30 commitments, including tariff adjustments and delayed rare-earth controls, and President Trump has proposed a $2,000 tariff dividend with details pending.

Source: whitehouse.gov, politico.com, whitehouse.gov

Ocean Trade Lane Snapshot

Trans-Pacific capacity is expected to climb above 90% in December, while demand remains flat and rates continue to soften despite a new December 1 GRI and the PSS pushed to mid-month. On the Far East Westbound trade, carriers are using blank sailings and reduced deployments to stabilize utilization, lifting the SCFI into the mid-1,400s even though European demand remains weak. The Trans-Atlantic Westbound corridor continues to face widespread yard congestion and equipment shortages across major North European and South Mediterranean ports, extending vessel wait times while spot rates hold near late-October levels.

Air Freight Market Update

Asian airfreight demand remains strong across major origins, with ecommerce, high-tech exports, and limited freighter capacity keeping rates elevated. North and South China continue to see tight space, while Southeast Asia—including Vietnam, Malaysia, Indonesia, and Thailand—faces congestion and rising pricing as carriers report little short-notice availability. Korea and Taiwan show firm but steady volumes driven by electronics and hardware cargo. With capacity constrained across the region, early bookings remain essential to secure upli

Sources: xeneta.com, maersk.com, yangming.com, evergreen-line.com, supplychaindive.com

Asia–Latin America Freight & Port Update

1) Port Operations & Infrastructure

On November 19, Peru announced a major expansion at the Port of Callao, with APM Terminals committing USD 550 million to increase terminal capacity and support growing Asia-linked volumes. Construction is scheduled to begin in January 2026, and no operational disruptions were reported this week.
Sources: reuters.com

New US Sanctions Leave Millions of Barrels of Russian Oil Without Clear Destinations

New U.S. sanctions on major Russian oil producers took effect this week, leaving nearly 48 million barrels of crude on tankers without confirmed buyers. Dozens of vessels are now rerouting or idling as traders and intermediaries reassess compliance risks. Some shipments are turning toward Asia, while others appear headed for offshore transfer zones. Analysts note that disruptions may continue until markets adjust and buyers secure alternatives that avoid exposure to secondary sanctions.