Late afternoon President Donald Trump informed the public that he is suspending his plan to impose tariffs after reaching a deal with Mexico.
In a tweet released late afternoon, Trump wrote – “I am pleased to inform you that The United States of America has reached a signed agreement with Mexico. The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended.”
Trump also wrote – “Mexico, in turn, has agreed to take strong measures to stem the tide of Migration through Mexico, and to our Southern Border.”
Those are great news for the whole country but especially for the state of Texas, which was bracing for massive jobs losses because of heavy reliance on trade with our southern neighbor. Those are also great news for the trucking industry and trucking companies which are involved in transporting goods between the US and Mexico.
I am pleased to inform you that The United States of America has reached a signed agreement with Mexico. The Tariffs scheduled to be implemented by the U.S. on Monday, against Mexico, are hereby indefinitely suspended. Mexico, in turn, has agreed to take strong measures to….
— Donald J. Trump (@realDonaldTrump) June 8, 2019
“Like the “snap” in the Avengers movie, where the big bad villain, Thanos, eliminated half the life in the universe, something similar occurred to the freight market after the trade war escalated between China and the U.S earlier this month. It is hard to imagine the freight market being so fragile that one action — tariff increases — could drop national freight volumes 4% to 5% overnight. While it is difficult to say that is exactly what happened, the timing makes it hard to ignore the correlation” – According to article in reightwaves.com and its author
Read full story HERE
Source and credits : reightwaves.com / Zach Strickland, FW Market Expert & Market Analyst