U.S. Economy
With President-elect Trump's inauguration just one day away, the world is on edge. This is because the details of Trump's 'Super Trumpism', such as the imposition of universal tariffs and mass deportations of immigrants, are expected to be announced one after another in his first 100 days in office, shaking up the 'rules of the game' in the international community and creating a perfect storm for the global economy and security. According to Trump's think tank, the American Priorities Institute (AFPI), Trump has 300 executive orders in the pipeline, with 100 of the most disruptive being prioritized in areas such as immigration, energy, and tariffs. The Associated Press reported that "Trump is preparing a 'Shock & Awe' campaign, issuing over 100 executive orders on his first day in office, focusing on border security, the deportation of illegal immigrants, and more."
The Consumer Price Index (CPI) rose 2.9% year-over-year in December, the Labor Department announced today. The upward trend continued for the third consecutive month. However, the underlying CPI, which excludes volatile energy and food prices, rose 3.2% year-over-year and 0.2% month-over-month, and has been stagnant in the 3.2-3.3% range throughout the second half of 2024. Meanwhile, the unemployment rate stood at 4.1% in December, well below the Congressional Budget Office's (CBO) estimate of the natural rate of unemployment (4.4%), suggesting that the U.S. economy is at full employment. The strong employment data cut through market fears that higher inflation could lead to a prolonged tightening of monetary policy, but the slowdown in core inflation led to market expectations of a rate cut, which boosted cryptocurrencies, equities, and oil prices. However, oil prices may revert to a downtrend following the ceasefire between Israel and Hamas.
Maritime Cargo Market Trends
ㅇ North America Vessel, Rail Dwell time (Week 3 / Flexport)

ㅇ 2025 New Alliances (launched on February 1)

Trucking Market Trends
LTL transportation rates continue to strengthen
LTL transportation rates, which increased significantly during the pandemic, have remained high since the pandemic ended. Data released by the U.S. Bureau of Labor Statistics (BLS) on Jan. 14 showed that the U.S. LTL trucking rate (PPI) remained high in 2024, proving that the current high trucking rates are a long-term trend and not a temporary price increase during the pandemic. While current prices are 23.4% lower than the peak in May 2022 at the height of the pandemic, they are 5.5% higher than when trucking rates rose following the bankruptcy of Yellow, one of the largest U.S. trucking companies, in July 2023 and about 1.5 times higher than pre-pandemic levels. Meanwhile, LTL trucking rates are unlikely to increase further for the time being, as there are many demand destabilizing factors, such as President-elect Trump's tariffs, and oil prices are stabilizing downward.

Air Cargo Market Trends
CBP Seeks Industry Input on De Minimis Rule Revisions
On January 13, U.S. Customs and Border Protection (CBP) announced that it is seeking industry input on a new de minimis rule to address the influx of illegal or counterfeit goods bypassing the $800 de minimis exemption, signaling that it is preparing to implement the new rule. The new rule was enacted by the Biden administration in September in response to growing concerns over the explosion of duty-free goods arriving in the U.S. and the influx of illegal drugs such as fentanyl. CBP says it processes more than 4 million De Minimis shipments every day and expects volume to increase nearly 50% year-over-year in 2024.