Weekly Freight Report: May 8, 2026

Refund checks for unlawful tariffs started landing in importer bank accounts this week. A day later, a federal trade court struck down Trump’s 10 percent global replacement tariff, opening the door to a possible second refund wave on entries filed since February.

Iran stood up a new “Persian Gulf Strait Authority” to vet and tax vessels transiting Hormuz, while oil slid 3.8 percent on hopes of a US-Iran deal. The EU now has until July 4 to finalize its tariff cuts or face higher rates, and US manufacturing posted its fourth straight month of expansion despite mounting input costs.

Dive into the full update to see what’s reshaping import duties, redrawing transit lanes, and what shippers should be tracking before the next round of policy changes hits.

Tariff Refunds Have Started Being Paid by Trump Administration

The Trump administration began issuing refund payments this week for the $166 billion in IEEPA tariffs the Supreme Court declared unlawful earlier this year. Trade lawyers told Bloomberg that some clients started seeing funds in their bank accounts on Wednesday, with payments including interest, and more companies are scheduled to receive refunds starting Thursday. The pace and sequence of payouts will depend largely on how cleanly importers’ filings tie back to liquidated entries, so shippers with pending claims should be in close contact with their brokers.

Trade Court Rules Against Trump's 10% Global Tariff

The US Court of International Trade ruled 2-1 against the 10 percent across-the-board import tax Trump imposed after losing his first tariff case at the Supreme Court. The court found the duties, which took effect February 24, were “invalid” and “unauthorized by law” under Section 122 of the Trade Act of 1974, which the administration had cited as authority. The ruling sided with small business plaintiffs who argued the move was an attempt to sidestep the Supreme Court’s earlier IEEPA decision. An appeal to the Federal Circuit is expected, but if the ruling holds, it could trigger another wave of duty refunds.

Iran Creates New Agency to Control Shipping in Hormuz

Iran established the Persian Gulf Strait Authority to approve transit and collect tolls from ships moving through the Strait of Hormuz, according to Lloyd’s List Intelligence. The agency is positioning itself as the only valid authority for granting passage and has begun emailing application forms to vessels seeking transit. Maritime law experts say the demands violate the UN Law of the Sea treaty, but the practical effect for shippers is another permission layer on a chokepoint that handles roughly 20 percent of global oil flows.

Oil Prices Fall on Tenuous Peace Between Iran, US

Brent crude fell 3.8 percent to $97.38 a barrel, down from more than $115 earlier this week, as Pakistan signaled a US-Iran agreement could be near. Hopes are tied to the potential reopening of the Strait of Hormuz, which has kept tankers stranded in the Persian Gulf and pushed fuel prices higher worldwide. The national gas average sits at $4.56 a gallon, and markets have rallied on similar hopes before only to retreat, with tensions still elevated after a US fighter jet disabled an Iranian oil tanker in the Gulf of Oman on May 6.

Ongoing Hormuz Closure Could Expand Bunker Wait Times Globally

The 14-day lead time already in place at Asian bunkering hubs could become the “global standard” if the Strait of Hormuz remains closed for another month, S&P Global’s Fotios Katsoulas told the Journal of Commerce. With more than 2,000 ships still stranded near the Gulf and major operators including Hafnia and Torm declining to return to the strait, fuel logistics for ocean carriers is tightening well beyond the immediate region. Shippers planning long-haul moves should expect knock-on effects in vessel scheduling and fuel surcharge mechanics through summer.

Trump Threatens 'Much Higher' Tariffs on EU by July 4

Trump set a July 4 deadline for the European Union to finalize the tariff cuts agreed to in last year’s Turnberry trade deal, warning that EU rates would jump to “much higher levels” if the European Parliament fails to act. The original framework set US tariffs on most EU goods at 15 percent in exchange for the EU dropping duties on US industrial goods to zero, but the implementing legislation has stalled. Trump also flagged a 25 percent rate on EU cars and trucks last week, though the new deadline could push that increase out by several weeks.

US PMI Shows Manufacturing Growth for the Fourth Consecutive Month in April

The ISM Manufacturing PMI held at 52.7 in April, marking the fourth straight month of expansion after a long stretch of contraction. New orders rose to 54.1 and production stayed comfortably above 50, but the Prices Index jumped 6.3 points to 84.6, its highest level since April 2022. Supplier deliveries slowed for the fifth straight month, and survey comments cited rising oil and diesel costs, China imports up 15 to 25 percent, and lingering tariff uncertainty as headwinds heading into Q2.

Weekly Freight Report: May 8, 2026

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