🎣 UP-NS Merger Hits Wall

Happy MLK Day. Union Pacific’s proposed merger with Norfolk Southern has been rejected by the STB, forcing the railroads back to the drawing board.

Plus:

• FMCSA Broker Pay Rule Takes Effect
• USA Truck Returns to Private Ownership
• Global Trade Slows; Costs Stay High

🍳 What's Cookin' In Freight

⏰ FMCSA Broker Pay Rule Takes Effect. FMCSA's broker financial responsibility rule took effect Jan. 16, giving the agency power to suspend brokers who fail to maintain the $75,000 bond. FMCSA said the rule targets brokers who withhold carrier payments and allows immediate suspension if funds are not restored within seven days. Owner-Operator Independent Drivers Association President Todd Spencer said it helps ensure truckers “get paid what they’re owed.”

💼 USA Truck Returns to Private Ownership. USA Truck is operating again as a privately held company following its sale by DSV to Arkansas-based UTA, LLC. CEO George Henry said the move restores USA Truck’s U.S.-based identity and allows faster, more flexible decision-making. “The extensive knowledge and global supply chain insights gained…are now a permanent part of our operational DNA,” Henry said. Founded in 1983, USA Truck runs about 1,800 trucks and serves more than 20% of the Fortune 100.

🌎 Global Trade Slows; Costs Stay High. UNCTAD said global trade growth will slow in 2026, citing weak economic expansion, rising tariffs, and shifting supply chains. The agency pegged global growth at 2.6% and warned policy uncertainty is discouraging investment. Echoing the strain, Suzanne Clark said the U.S. outlook “feels expensive,” pointing to inflation, regulation, and economic uncertainty. UNCTAD flagged tariffs and national trade policies as key forces reshaping trade flows this year.

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UP-NS Merger Hits Wall

The Surface Transportation Board (STB) unanimously rejected the Union Pacific–Norfolk Southern merger application, ruling it incomplete under federal regulations.