📌 Current U.S. Tariff Status (as of February 27, 2026)

• U.S. Supreme Court Rules on IEEPA Tariffs: On February 20, 2026, the U.S. Supreme Court ruled that the use of the International Emergency Economic Powers Act (IEEPA) to impose certain broad tariffs was unlawful. The decision may impact previously assessed duties and raises important considerations for importers regarding potential next steps.

• 10% Global Tariff Implemented: Effective February 24 at 12:01 a.m. ET, CBP began collecting a 10% global tariff under Section 122, scheduled to expire July 24, 2026.

• Potential Increase to 15%: The administration signaled a possible increase of the global tariff to 15%, though CBP has not yet issued formal confirmation.

• Key Exclusions & FTZ Impact: Certain critical minerals, energy products, and USMCA-qualifying goods are excluded, while FTZ admissions on or after February 24 require privileged foreign status.

• De Minimis Remains Suspended: Effective February 24, postal shipments are subject to the 10% global tariff as the de minimis suspension continues.

• Refunds Remain Unresolved: The Supreme Court ruling did not address refunds of previously collected IEEPA duties, and resolution may take months through litigation.

• New Investigations Expected: The administration indicated potential new Section 301 and 232 investigations that could lead to additional long-term duties.

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

Ocean Trade Lane Snapshot

Trans-Pacific Eastbound capacity has quickly rebounded to pre–Lunar New Year levels, with vessel utilization rising above 80% while demand recovery remains gradual, creating softer March conditions and more open space, particularly to the U.S. East Coast. Carriers are attempting to lift the market with early-March GRIs and delayed PSS announcements, though overall rate momentum remains limited. On the Asia–Europe lane, heavy blank sailings and longer Cape routings are offsetting seasonal post-holiday demand weakness, helping maintain rate floors despite soft European consumption and ongoing Northern Europe terminal congestion. Trans-Atlantic Westbound conditions remain nominally stable, but congestion and weather disruptions in Europe are constraining effective capacity, keeping spot rates steady to slightly soft with selective PSS activity emerging for early March.

Air Freight Market Update

Global airfreight conditions are stabilizing following the Lunar New Year period, with North China gradually ramping up production while South China and parts of Southeast Asia continue to experience softer seasonal demand and ample capacity. Trans-Atlantic operations are temporarily constrained due to severe winter weather in the U.S. Northeast, resulting in flight cancellations and short-term backlog risks. Across Taiwan, Korea, and much of Southeast Asia, rates remain stable to negotiable as space availability improves. As volumes rebuild into March, early bookings are recommended for priority lanes to secure lift and avoid potential rate adjustments.

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

Asia–Latin America Freight & Port Update

1) Freight Rate & Capacity Snapshot

Carriers are proceeding with March 1 Asia–Latin America rate increase attempts, though overall demand remains soft and vessel utilization is hovering around roughly 80%, limiting upward momentum. Blank sailings are being used selectively to manage post–Lunar New Year capacity.

Sources: cma-cgm.com ; dhl.com

2) Port Operations & Infrastructure Developments

In Panama, the formal termination of the prior port concession (effective Feb 23) may create short-term operational variability at Balboa and Cristóbal terminals during the transition. In Brazil, disruption at Port of Itajaí continues following concession changes, increasing diversion risk to nearby gateways.

Sources: seatrade-maritime.com

3) Transshipment & Compliance Updates

Mexico’s amendments to its Customs Law regulations entered into force on Feb 24, tightening electronic data alignment requirements and increasing documentation scrutiny. Additionally, recent service rotation adjustments affecting Manzanillo (Panama), Cartagena, and Caucedo may alter preferred transshipment routings.

Sources: hapag-lloyd.com

Container Spot Rates Hold Steady Post–Lunar New Year as Carriers Plan Blank Sailings

Container spot rates across major east–west trades showed limited movement as China’s supply chains restarted slowly after the holiday, with trucking and export flows still rebuilding. Drewry’s index recorded small week-over-week declines on key Asia–Europe routes, while the Shanghai Containerized Freight Index indicated increases for the coming week on Europe and trans-Pacific lanes. Analysts cited continued overcapacity and highlighted upcoming blank sailings as carriers attempt to support pricing ahead of March 1 rate increases.