Rate Related Update and Market Conditions
📌 Current U.S. Tariff Status (as of January 23, 2026)
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Greenland-Related EU Tariffs Suspended: On January 21, President Trump announced that the U.S. will no longer proceed with the previously proposed 10% tariff on eight European trading partners that was scheduled for February 1, following agreement on a NATO-related framework covering Greenland and the Arctic region.
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EU–U.S. Trade Agreement Uncertainty: While the U.S. implemented a minimum 15% tariff on EU goods in August, the European Parliament suspended approval of remaining provisions hours before the Greenland tariff reversal, and the EU’s suspension of countermeasures is set to expire on February 6, 2026, potentially reopening retaliatory tariffs on €93 billion ($109 billion) of U.S. goods.
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IEEPA Tariff Case Pending Supreme Court Review: The next possible U.S. Supreme Court ruling on the Trump administration’s IEEPA tariffs is February 20, 2026, with outcomes ranging from immediate suspension and refunds to partial or full tariff continuation, depending on the scope of the ruling.
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Potential French Wine Tariff: On January 19, President Trump stated that the U.S. may impose a 200% tariff on French wine and champagne if France does not join the proposed Board of Peace, though no implementation date has been announced.
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CBP Electronic Refund Requirement: Effective February 6, 2026, U.S. Customs and Border Protection will issue all duty refunds electronically, requiring importers to maintain an ACE Portal account with Automated Clearing House (ACH) refund information to avoid processing delays.
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Source: whitehouse.gov, politico.com, whitehouse.gov
Rate Related Update and Market Conditions
Ocean Trade Lane Snapshot
Ocean markets remain uneven heading into Lunar New Year. Trans-Pacific Eastbound capacity is still sufficient, keeping space open and limiting rate upside, with most January GRIs softened or deferred and peak surcharges now pushed to March as carriers prepare for increased blank sailings after the holiday. Far East Westbound has seen heavy January capacity deployment, but weather-related congestion in Northern Europe is disrupting schedules and yard operations, while spot demand has eased into the final booking window, reflected by recent index declines and more cautious rate positioning. Trans-Atlantic Westbound demand has improved modestly but remains below peak levels, with stable pricing overall and ongoing equipment constraints continuing to affect inland flows in parts of Europe.
Air Freight Market Update
Asia airfreight demand is gradually recovering following the holiday period, with China showing improving booking activity and early firming in rates as capacity tightens ahead of Lunar New Year. Taiwan is expected to see a near-term volume increase, while Vietnam and Southeast Asia remain mixed, with selective softness alongside stable pockets of demand. Europe-bound lanes continue to face intermittent congestion and space constraints driven by weather disruptions. Shippers are advised to book early where possible, particularly for Europe and time-sensitive Trans-Pacific movements.
Sources: xeneta.com, maersk.com, yangming.com, evergreen-line.com, supplychaindive.com
Asia–Latin America Freight & Port Update
Latest Port Operational Updates
Recent Hapag-Lloyd operational notices show multiple port omissions and rotation adjustments on services calling Latin American ports — including Brazil, Mexico, Peru, and Chile — which may affect vessel schedules and transit reliability, while terminal yard utilization and waiting times vary across key gateways such as Navegantes and Santos.
Sources: hapag-lloyd.com
Port of Los Angeles Announces Terminal Expansions and New Chassis Facility in Construction Push
The Port of Los Angeles said on January 22, 2026, it will expand two existing container terminals and develop an 89-acre chassis operations facility, in addition to plans for a new 200-acre container terminal announced previously. Port Executive Director Gene Seroka said the projects are intended to increase capacity, improve operational efficiency through technology, and support sustainability goals. The port also continues to consider long-term options such as a potential replacement for the Vincent Thomas Bridge.
FMC Commissioners Say Enforcement Is Underway to Collect Harbor Maintenance Tax on Land-Border Cargo
Two Federal Maritime Commission commissioners said on January 22, 2026, that the U.S. government has begun enforcement steps aimed at closing a long-standing gap tied to the Harbor Maintenance Tax (HMT). The effort focuses on cargo routed through Canadian or Mexican ports and then moved into the U.S. by land. The HMT is 0.125% of cargo value, and the referenced policy also includes a new 10% service fee tied to added processing costs.
