Tariffs imposed by Trump hurting trucking industry, leading to layoffs and decreased volumes.

From Yahoo Finance: 2025-04-22 16:36:00

Trucking companies are feeling the weight of President Trump’s tariffs, leading to layoffs and decreased volumes. Volvo Group North America could lay off 980 employees. Uncertainty about freight rates, demand, and tariffs is impacting the industry, with layoffs at multiple manufacturing plants across the U.S.

The trucking industry was optimistic about a second Trump term, expecting increased domestic manufacturing to boost demand. However, tariffs have caused manufacturing contraction and logistical challenges. Canadian carriers are experiencing canceled or paused loads to the U.S., and the industry faces risks from prolonged trade wars.

Counter-tariffs have had minimal impact on Canadian imports from the U.S., but the steep duties on China have led to mass cancellations of orders and plummeting freight numbers. Truckers anticipate fewer pickups and deliveries, with freight movement cooling down across major ports and regions, impacting trucking firms.

J.B. Hunt saw volume and revenue softness before the West Coast cargo slowdown. The truckload market loosened, with capacity exceeding demand, leading to decreased load volume and revenue per load. Trucking companies face tough sledding as the industry grapples with the impacts of tariffs and trade wars.

Read more: Tariffs Take Their Toll on Trucking