The impact of tariff developments

17 April 2025

On 9 April 2025, President Trump announced a 90-day pause on reciprocal tariffs, maintaining a base 10% tariff across most countries, with the exception of China, which saw its tariffs increase to 145%. Aside from the 10% base rate, tariffs on specific industries, such as steel, aluminum, and automobiles, remain in place. Tariffs on some Chinese electronics, such as smartphones, chips, and computers, have since eased.


Our team’s observations of the situation:

Ocean freight

  • Carriers are still assessing the impact of the China tariff and may adjust their services as demand slows. The situation may be clearer in the next two weeks.
  • China FAK rates are under pressure as carriers seek cargo in the market to fill their ships.
  • Southeast Asia cargo flows will pick up again as importers rush to ship goods during the 90-day tariff pause.
  • Importers will most likely move their peak season shipments of Southeast Asia cargo forward from Q3 to Q2.
  • Equipment in Southeast Asia may become very tight in the coming weeks as demand picks up. Customers need to book as early as possible, as it will be first-come, first-served.
  • Carriers may adjust their services to accommodate the demands out of Southeast Asia. We expect to have more clarity on this in the next two weeks

Air freight

  • Carriers are uncertain about the impact on cargo and passenger traffic.
  • Rate development is currently erratic. On some trade lanes, rates have increased despite demand reductions.


The current environment calls for closer engagement with our customers to better understand short- to medium-term needs and plans and to ensure alternative solutions are in place to mitigate the impact of rapidly changing market conditions.


We strongly encourage our customers to contact their local Toll Global Forwarding representative to discuss their specific requirements and explore the most suitable shipping options. Your proactive engagement will help us to provide the best possible service and navigate these challenging times together.

Toll Global Forwarding

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