FreightWaves NOW

Good morning, and welcome to your FreightWaves Warning Minutes! This episode covers US trade with Mexico, which continued to dominate in June, with volumes up 4.4% year-over-year to $73 billion. Mexico held its position as the top US trade partner, ahead of Canada and China, with key imports from Mexico including computers, passenger vehicles, and auto parts. We also discuss the Air Canada flight attendant strike, which saw the Canadian government order both parties back to the bargaining table and into binding arbitration just 12 hours after the strike began. This intervention, deemed necessary to protect the Canadian economy, was strongly opposed by the flight attendants' union, CUPE, which criticized it as undermining workers' rights and favoring Air Canada, leading to a delayed operational restart. Finally, Canada Post is dealing with ongoing labor issues, as it will resume contract negotiations with the mail carriers' union this Wednesday for the first time in three months. This follows the union's overwhelming rejection of Canada Post's final offer, continuing a contentious dispute that has spanned over 18 months and included a 32-day strike last year. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Clean Truck Partnership has taken another significant blow, as four major truck manufacturers agreed with the FTC not to comply with the deal's zero-emission goals and settled a multi-state lawsuit. These actions effectively dismantled the CTP, which sought to push truck fleets toward a zero-emission future, especially after federal action eliminated waivers for California's related clean truck rules. The latest report from Cass Information Systems revealed that freight volumes fell faster in July, marking a three-month sequential decline and the largest year-over-year drop since January. Despite the slump in volumes, freight expenditures showed a positive trend for the fourth consecutive month on a year-over-year basis, indicating complex shifts in the freight market. BMO, a prominent lender to the trucking industry, is reportedly exploring the sale of its transportation finance business, with a potential sales price of around $1 billion. This unit's quarterly reports have historically provided valuable, granular data on the trucking industry's health, including insights into impaired loans and overall credit conditions. For more in-depth analysis, be sure to tune into FreightWaves TV for WHAT THE TRUCK?!? live at noon, or catch the replay on SiriusXM channel 146. You can also sign up for upcoming events like F3 and the Cross Border Summit at live.freightwaves.com, using the code MORNINGMINUTEF325 for a discount. Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

Waabi announced the appointment of former Uber Freight CEO Leor Ron as its new COO, signaling a major transition from research and development to commercialization and scale. This strategic move aims to accelerate Waabi's journey towards a driver-out milestone by year-end and expand partnerships with industry giants like Volvo and Uber Freight. The US and China have extended a pause on higher tariffs for goods from each country until November 10th, narrowly avoiding proposed increases. This extension maintains the US levy on Chinese imports at 30% and China's tariff on American products at 10%, allowing for continued negotiations on key trade issues. Freight tech company GoodShip also announced a successful Series B funding round, securing $25 million to advance its AI-driven freight management platform. This platform has already proven its value for enterprise shippers, helping clients significantly reduce transportation costs by 3-5% and decrease late shipments by 20%. Tune into FreightWaves TV today for a new episode of WHAT THE TRUCK?!? at noon, with a replay available later. Don't forget to get your tickets for the upcoming F3 event (Use code MORNINGMINUTEF325 for $900 off) and register for the cross border logistics summit in early September, both offering valuable insights and networking opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Teamsters Union and UPS reached a resolution early this morning that successfully averted a strike at several key locations. Despite resolving grievances and a local contract dispute, relations remain tense as the Teamsters navigate buyout offers and alleged contract violations, with the union prepared to set up strike lines in multiple states. Forward Air unveiled their second-quarter earnings, where the company missed expectations with a net loss of $20.4 million, which was worse than the consensus estimate. Revenue saw a 4% year-over-year decline but increased 1% from the first quarter, and no update was provided on the ongoing strategic review that could potentially lead to the company's sale. Echo Global Logistics announced its acquisition of fellow 3PL FreightSaver, a California-based company founded in 2014 by Ryan Renne and Buster Schwab. FreightSaver specializes in truckload, less-than-truckload (LTL), expedited, and specialized shipments; Echo's CEO stated that FreightSaver's customer-centric, tech-enabled business complements Echo's strengths and accelerates its ability to deliver value through managed transportation. Finally, the podcast highlights upcoming content on FreightWaves TV, including Check Call and Loaded and Rolling. Listeners are encouraged to register for the F3: Future of Freight Festival using a special code and also for the Crossborder Logistics Summit. Learn more about your ad choices. Visit megaphone.fm/adchoices

Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s FreightWaves Morning Minute for Friday, August 8: - Co.Lab seeks freight tech startups for its Sustainable Mobility Accelerator - Tariff fraud enforcement could spike 200% amid DOJ crackdown - Two brokerages rise—one powered by AI, the other by long-term strategy - New What The Truck? airs today at noon ET on FreightWaves TV - Don’t miss F3! Use code "MorningMinuteF325" for $900 off registration Learn more about your ad choices. Visit megaphone.fm/adchoices

RXO's recent earnings report (First look: some small signs of improvement sequentially and year-on-year at RXO - FreightWaves), which shows little significant movement compared to last year and the previous quarter, despite their CEO noting good execution in a soft freight market. The planned US-Mexico rail route advances with the release of a crucial environmental report (Planned US-Mexico rail route advances with environmental report - FreightWaves). This critical step forward for the Green Eagle Railroad aims to enhance connectivity and efficiency in North American freight movement. Hear about a major strategic move in air cargo logistics as DHL proactively extends its long-term dedicated transport contract with Cargojet (DHL moves early to renew Cargojet contract until 2033 - FreightWaves), underscoring their confidence and commitment to robust air freight capabilities.  Plus, don't miss details on upcoming FreightWaves TV content and information on the F3 event in October. Learn more about your ad choices. Visit megaphone.fm/adchoices

Air Lease has cancelled its order for Airbus A350 freighter jets, a move driven by ongoing development delays and a strategic shift to focus on passenger aircraft.  A new legislative proposal that could significantly alter the landscape of U.S. maritime trade by opening U.S. shipping lanes to foreign allies. This bill proposes 5-year Jones Act exemptions, allowing foreign companies to temporarily operate their vessels in America's highly protected coastal trades.  DHL  is anticipating a notable impact on its financial performance due to a new U.S. de minimis policy. The company projects that the recent crackdown on tariff-free trade for inexpensive overseas packages could potentially trim its overall profit by as much as 3%.  Be sure to tune into FreightWaves TV later today for new episodes of What the Truck and Truck Tech, and don't forget to sign up for F3, happening October 21st and 22nd in Chattanooga, Tennessee! Learn more about your ad choices. Visit megaphone.fm/adchoices

PrimeFlight Aviation has successfully acquired Stratair's cargo handling business, marking a strategic expansion for PrimeFlight and a divestment for Saltchuk Aviation as it downsizes its air cargo footprint. A major legal development has concluded as a judge officially signed off on the settlement in the biometrics case involving Lytx, bringing to an end a long-standing matter closely watched for its implications on data privacy and employee rights.  New legal proceedings are underway following last year's tragic Baltimore bridge collapse, with the owner and operator of the container ship now suing the vessel's builder. This lawsuit alleges a defective design led to the power loss that caused the disaster. Learn more about your ad choices. Visit megaphone.fm/adchoices