"Global trade is too big to fail."The biggest risk to global trade is volatility, DHL Express Europe CEO Mike Parra says, adding trade from Asia-Pacific is shifting from the US to a "stable" Europe https://t.co/bv54NdTqOC https://t.co/1NYEG7VkIB ...

Company Performance - Maersk reported a second-quarter operating profit of $2.3 billion, exceeding analyst expectations of $1.97 billion and up approximately 7% from $2.14 billion in the same period last year [1][2] - The company raised its full-year 2025 financial guidance, now expecting underlying EBITDA between $8 billion to $9.5 billion, an increase from the previous range of $6 billion to $9 billion [2] - Sales for the second quarter rose nearly 3% year-on-year to $13.1 billion [3] Market Outlook - Maersk anticipates global container market volume growth between 2% and 4%, a revision from the previous forecast of -1% to 4%, indicating stronger market demand outside of North America [3] - The company noted ongoing disruptions in the Red Sea are expected to persist throughout the year [3] Industry Context - The shipping industry is facing a new era of trade complexity due to U.S. President Donald Trump's implementation of higher tariff rates ranging from 10% to 50% on various trading partners [4] - Major trading partners like the U.K., Japan, and South Korea have negotiated lower tariffs, while the European Union has reached an agreement to reduce tariffs on most goods to 15% [5] - The U.S. has imposed significant levies on goods from several countries, including 50% on Brazil, 39% on Switzerland, 35% on Canada, and 25% on India [5]

President Donald Trump unleashed a series of tariff deals and demands on allies and adversaries alike on the eve of his Friday deadline aimed at establishing a new global trade orde https://t.co/gH1oaSZuRM ...

Global Trade Risks - Singapore's Foreign Minister Vivian Balakrishnan indicates global trade risks becoming a "bilateral arm-wrestling match" [1] - The situation is attributed to President Trump's approach of imposing tariffs on trade partners [1]

Trade Negotiations & Agreements - The US is pursuing bilateral trade deals instead of multilateral ones, marking a new approach to global trade [6][7] - A trade deal with Vietnam is imminent and is considered a significant win for American farmers and manufacturers, incentivizing domestic production over routing through China [2][3] - The Vietnam deal opens up the Vietnamese market in unprecedented ways [2] - Negotiations with Japan are ongoing, with anticipated announcements before July 9th, indicating progress in trade relations [5] - The US is seeking reciprocity in trade, addressing non-tariff barriers that hinder access for US manufacturers and farmers to foreign markets [9] - The willingness of countries to lower non-tariff barriers influences the US's tariff considerations [10] Tariffs & Trade Policy - The US may impose tariffs on countries that do not present trade deals facilitating negotiations [13][14] - The specific details of export rates with Vietnam will be released in an upcoming statement [4] China Trade Relations - Negotiations with China continue regarding the framework established in Geneva and the UK [11] - The US is urging China to accelerate access to rare earth magnets, as agreed upon in previous negotiations [11]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Global trade volumes have been holding up relatively well in April, with air freight markets re-accelerating after a slowdown [1] - A forecasted 1% year-over-year decline in global container volumes for 2025, primarily driven by declines in the Pacific region [2] - Container rates have remained steady, supported by blanked sailings on the Pacific [3] Summary by Sections Freight: Holding up for now - High-frequency freight data indicates that global trade volumes are stable, with air freight showing signs of recovery [1] Air Freight: April supported by frontloading - Air freight volumes have seen a resurgence due to frontloading, with strong indicators from Europe and Asia [1][2] Sea: April holding up, SE Asia strong - Container volumes increased by 7% year-over-year in March, with Southeast Asia showing robust trade activity [35] Shipping: Blanking supports rates for now - China-outbound container spot rates fell approximately 45% by April 2 but have stabilized since then, aided by carriers blanking sailings [3][92] Travel: Uncertainty on demand outlook - The report highlights uncertainty regarding future demand in the travel sector, although specific data is not provided [6] Airlines - No specific insights provided in the summary regarding airlines [6] Airports: Spain slowing, Zurich and Paris incrementally better - The report notes varying performance across European airports, with some showing improvement while others are slowing [6] Roads: Europe road traffic growing - European road traffic is reported to be growing, indicating a potential increase in logistics activity [6] Commodities Shipping - No specific insights provided in the summary regarding commodities shipping [6] Stable Markets, Supported by Low Capacity Growth - The report suggests that stable markets are being supported by low capacity growth, although specific data is not provided [6]