Happy Hump Day. With nearshoring momentum and Cargado raising $12M to scale cross-border freight tech, the outlook south of the border remains strong, even as markets react to “Liberation Day.” We cover the details in today's feature.
📉 Global Markets Rattled as Tariff War Escalates. U.S. President Trump’s sweeping tariffs—most notably a 104% duty on Chinese imports—have triggered a global market selloff, dragging down Asian equities, U.S. futures, and oil prices. The S&P 500 suffered a historic reversal, erasing over $5.8 trillion in market value in four days. Transportation and LTL stocks plunged, with industrial carriers slashing earnings forecasts amid rising costs and soft demand. Susquehanna Financial Group’s Bascome Majors warned clients last week that “the chaotic policy and macro backdrop of the last six weeks has only amplified our fears into this important spring and early-summer period for the industry.” Analysts at JPMorgan believe that the aggressive trade stance could push the global economy toward recession. China announced it will place another 84% tariff on all U.S. goods starting April 10, which will no doubt add fuel to the fire.
📉 Freight Index Signals Prolonged Slump. Truckload rates have now remained in a depressed band for nine straight quarters, with Q2 projected at just 5.5% above 2018 baselines. The shift toward shorter hauls and soft demand continues to drag the market. Meanwhile, LTL pricing holds strong, rising 0.5% YoY in Q1, as carriers focus on profitable lanes and contractual freight over volume. TD Cowen/AFS Logistics warns that tariff fears and a shaky economy could delay recovery across both modes, with shippers still playing defense in a freight market that refuses to rebound.
⚖ CRST Expedited Settles Fair Chance Act Claim for $100K. CRST Expedited Inc. agreed to pay $100,000 to settle claims that it rescindeda senior leadership job offer in Southern California based on the applicant’s criminal record without conducting an individualized assessment. While the Iowa-based carrier denies wrongdoing, California regulators say CRST “failed to consider the nature and gravity of the offense, the time that had passed, and how the offense related to the job being sought.” As part of the settlement, CRST will update its hiring policies, train staff, and comply with California’s Fair Chance Act, which restricts the use of criminal history in employment decisions.
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Cargado’s just-announced$12 million Series A represents a bullish bet on the future of U.S.-Mexico freight.
The cross-border marketplace startup, which has seen rapid growth since its public launch, says it will use the funding to accelerate product development and cement itself as a “collaboration platform” (not just a load board) built specifically for the complexities of U.S.-Mexico freight.
CEO Matt Silver says the company plans to go far beyond load matching:
“We want to bring that entire experience into one place where brokerage and trucking companies can collaborate more efficiently and effectively.”
Cargado has already onboarded 200+ customers and 650+ carriers, with early traction stemming from its invitation-only rollout and rigorous carrier vetting.
Nearshoring Momentum & Tariff Uncertainty
Cargado's raise comes as Mexico cements its status as the U.S.’s top trading partner, even while the Mexican pesoweakens and the country revises its 2025 growth forecast downward due to tariff concerns.
This chart from Cargado, based on over 25,000 cross-border bids since April 2024, shows spot rates holding steady despite tariff buzz—though a spike in top-tier bids (P75) hints at mounting pressure.
Still, cross-border freight got a reprieve in President Trump’s “Liberation Day” announcement: USMCA-compliant goods remain exempt from new reciprocal tariffs, including the 25% duties now applied to cars, auto parts, and agricultural goods from non-USMCA countries.
FreightWaves reports that the exemption is indefinite — a win for North American trucking and rail.
“We’re heartened that Canada and Mexico did not get the brunt of this announcement,” said Garrick Taylor of the Border Trade Alliance.
Is Mexico the New China?
According to Foley & Lardner LLP, the tariff environment may further boost nearshoring. International manufacturers based in Vietnam, Taiwan, and South Korea — now hit with tariffs as high as 46% — may shift production to Mexico to benefit from USMCA protections.
But there’s caution, too. Only about half of Mexico’s exports to the U.S. currently qualify under USMCA’s rules of origin. Others now face a steep 25% tariff, up from 2.5% pre-Liberation Day.
“If Mexico continues working with the U.S. on issues of fentanyl and unauthorized immigration, those tariffs may drop to 12%,” notes Foley’s analysis.
Amid macro volatility, Mexico still offers stability and strategic opportunity for shippers and 3PLs who know how to navigate compliance.
The cross-border freight market isn’t without challenges, but it's gaining infrastructure, capital, and attention.
FreightCaviar Mexico Documentary Coming Soon
Paul at the headquarters of Innovativos in Guadalajara, Mexico, a major cross-border carrier primarily serving the Guadalajara - Laredo markets.
Paul visited Guadaljara earlier this week to film content for our upcoming Mexico documentary. We met with teams from Rapido, Vax Solutions, and Innovativos. And of course had amazing food.
Keep an eye on our channels for the Mexico doc, and be sure to check out our Serbia Documentary if you haven't already.
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📦 Apple Dodges Tariffs by Air. To avoid looming import duties, Apple reportedly flew in five planeloads of iPhones to the U.S. ahead of tariffs.
📉 Freight Stocks Slide Again. Logistics names across trucking, rail, and parcel hit 52-week lows, including UPS, FDX, UNP, GXO, HUBG, and RXO.
🚔 Truck Theft Busted. Hillsborough County Sheriff’s Office arrested Rayge Sanchez, Christian Garcia Diaz, and Jose Nuñez, connecting them with stealing semi and dump trucks worth $6 million in an organized commercial vehicle theft ring across Florida.
📹 Knight-Swift's Truck Upgrades. Knight-Swift will equip 15,500 trucks with AI-powered dashcams and real-time safety coaching to enhance driver performance and road safety.
🌱 Tennessee’s Offering. Tennessee is offering $19.4 million in grants to public, nonprofit, and private fleets to replace eligible medium- and heavy-duty trucks with green ones, with aims to further reduce nitrogen oxide emissions.
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The FreightCaviar Podcast: In this week’s episode of the FreightCaviar Podcast, we sat down with Mikhail Rasner, CEO & President of MiRUnited. He reveals the surprising truth about private equity and its impact on freight and more. Catch the interview on YouTube, Spotify, and Apple Podcasts.
Freight Chronicles Podcast: Adam Blanchard dives into how he and his teams at Double Diamond Transport and Tanager Logistics are actively battling the rising tide of cargo theft and freight fraud, sharing their own impersonation story. Catch it on YouTubeor Spotify.
I’m Adriana, a writer and editor at FreightCaviar. I’ve covered everything from freight tech to industry lawsuits and market shifts, helping scale us to almost 14K subscribers. My goal: to make logistics stories digestible, clear, and fun to read.
Hello! I'm Jerome FreightCaviar! I’m into the politics of freight and the impact it will have worldwide. I'm always eager to learn more. Follow me on X @JeromeFreightC
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