Weekly Freight Report: July 17, 2026

The first finalized tariff of the new Section 301 wave landed this week, with a 25% duty on Brazilian imports taking effect July 22, just two days before the 10% global surcharge expires. Meanwhile, the front-loading rush ahead of that deadline has July on pace to be the busiest month in the history of US container shipping.

But there are early signs the squeeze is peaking. Ocean spot rates fell for the first time since the conflict-driven spike began, even as the diesel benchmark snapped a nine-week losing streak and J.B. Hunt’s earnings confirmed the truckload market is tightening. And in Washington, a new Senate bill would authorize 100% tariffs on the biggest buyers of Russian energy.

Dive into the full update to see what’s landing, what’s peaking, and what it all means for your costs in the back half of 2026.

US Finalizes 25% Tariff on Brazilian Imports, Effective July 22

USTR took final action Wednesday under Section 301, imposing a 25% tariff on certain goods of Brazil effective July 22. The move concludes a yearlong investigation that found Brazil’s practices on digital trade, preferential tariffs, intellectual property protection, ethanol market access, and illegal deforestation unreasonable and a burden on US commerce. Exemptions cover coffee, beef, oranges and orange juice, certain energy products, and aerospace parts and components. If you import from Brazil, you have less than a week to clear entries at current rates, and this action previews how the broader Section 301 regime could roll out after the July 24 handoff.

July Imports on Track to Be the Busiest Month in US History

The NRF and Hackett Associates Global Port Tracker forecasts 2.47 million TEU through US container ports in July, which would top the all-time monthly record of 2.4 million TEU set in May 2022. Ports handled 2.24 million TEU in May, up 14.9% year over year, with June projected at 2.33 million TEU, up 18.7%, as importers race cargo in ahead of the July 24 tariff expiration and potential new duties in August. The surge is borrowed from the fall: volumes are forecast to drop to 2.22 million TEU in August and keep declining through November. If your freight is deadline-sensitive, this is the window to move it.

Ocean Spot Rates Fall for the First Time Since the Spike Began

Xeneta’s July 16 update shows spot rates from the Far East to the US West Coast down 5% week over week, with the Mediterranean down 2% and the US East Coast and North Europe each down 1%. It’s the first sign that the triple-digit percentage spikes triggered by the Middle East conflict have peaked, with further decreases expected. Analysts note the front-loading itself contributed to the capacity squeeze that pushed rates higher than they otherwise would have been. For shippers, softening spot rates could mean negotiating leverage is starting to return heading into late summer.

Diesel Benchmark Jumps 21.8 Cents, Ending Nine Straight Weeks of Declines

The DOE/EIA average weekly retail diesel price, the benchmark for most fuel surcharges, rose 21.8 cents to $4.796 per gallon Tuesday, its first increase after nine consecutive weekly declines. The jump retraces only part of the slide, leaving the price still 84.3 cents below where it sat before the streak began. But with Russia’s diesel export ban and continued Strait of Hormuz risk, higher prices are increasingly likely in the weeks ahead. Fuel surcharges keyed to this benchmark are now resetting upward, so budget accordingly.

J.B. Hunt's Q2 Confirms the Truckload Market Is Tightening

J.B. Hunt posted second quarter revenue of $3.50 billion, up 19%, with earnings per share up 45% and operating income up 32% to $259.5 million. Intermodal set a quarterly record with more than 578,000 loads, up 10%, and truckload and brokerage both delivered double-digit volume growth. Management pointed to further pricing opportunities as bid cycles progress and truckload rates rise, with its dedicated pipeline at a record level as shippers respond to the tightening market. As the first major freight earnings report of the season, the takeaway for shippers is clear: contract rates are heading up into the 2027 bid cycle.

New Senate Bill Would Authorize 100% Tariffs on Buyers of Russian Energy

A bipartisan group of senators introduced the Sanctioning Russia Act of 2026 on Tuesday with more than 26 cosponsors. The bill would authorize tariffs of up to 100% on the top five purchasers of Russian crude oil and natural gas, a group that includes China and India, along with mandatory sanctions on Russia’s shadow fleet, energy projects, and financial institutions. An exemption applies to countries importing less than 15% of Russia’s natural gas exports that are taking steps to reduce those purchases. The measure is still a bill, not law, but if enacted it could significantly raise landed costs on goods from two of the largest US sourcing markets.

Weekly Freight Report: July 17, 2026

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