Container rates climb as peak season begins and Trump unveils new tariff plans

Container rates are rising sharply as the peak season gets underway. Higher bunker prices linked to the closure of the Strait of Hormuz are adding to market pressures, while US president Trump has announced new tariff plans.Drewry’s World Container Index rose sharply this week. Average container spot rates increased by 23% to USD 3,433 per 40ft container. Rates from China to Europe and from China to the US increased by between 20% and 31%. According to Drewry, this year's peak season began earlier than usual, which is supporting stronger demand and higher freight prices.On the Asia–Europe trade route, Drewry notes that demand is being pulled forward into June ahead of the expected 1 July bunker fuel adjustment, supporting higher shipment volumes. Bunker fuel costs remain elevated as negotiations aimed at ending the Iran war have yet to yield a breakthrough.According to Drewry, demand on the Transpacific trade route is being supported by shippers bringing forward bookings ahead of potential US tariff changes expected in July, as well as additional cargo volumes associated with the 2026 FIFA World Cup. Drewry expects further upward pressure on rates in the coming weeks across both trades.Trump's new tariff plansPresident Trump is seeking to impose new tariffs on imports from 60 trading partners, including the European Union, China and Canada. According to the Trump administration, the measures are justified by the claim that these countries are not doing enough to combat forced labour.The proposed tariffs would range from 10% to 12.5%. For the EU, the proposed rate is 10%. Earlier this year, parts of Trump's tariff policy were rolled back following a ruling by the US Supreme Court. The 10% blanket tariffs introduced thereafter were also ruled illegal by the US Court of International Trade.The White House has announced plans to contest IEEPA-related refund claims covering roughly half of all duties paid since last year. Freightos has published an explainer on the issue.