Overview

• Volvo Group and Mack Trucks have announced up to 800 layoffs across plants in Maryland, Pennsylvania, and Virginia, citing reduced demand and tariff-related market uncertainty.
• Freight volumes dropped 41% in April following earlier declines, reflecting a sharp contraction after companies pulled forward shipments ahead of tariffs.
• Multiple trucking companies, including Davis Express and LTI Trucking Services, have ceased operations or filed for bankruptcy due to tightening freight markets and tariff pressures.
• The Canadian Trucking Alliance reports 70% of cross-border freight loads to the U.S. have been canceled or paused, raising concerns of unsustainable conditions for bilateral trade.
• The International Monetary Fund forecasts a 2.8% global economic contraction and a 1.8% decline in the U.S., linking the slowdown to increased tariffs and market uncertainty.