MARKET BRIEF | November 2025
Supreme Court Puts Trump Tariffs Under the Microscope
The U.S. Supreme Court is evaluating whether President Donald Trump’s wide-ranging tariffs —implemented under the International Emergency Economic Powers Act (IEEPA) — are lawful. The central question is whether a law designed primarily for sanctions and emergency financial restrictions can be used to levy tariffs, a power traditionally reserved for Congress. During November’s oral arguments, justices questioned whether the IEEPA’s language supports the administration’s interpretation, noting that the statute does not explicitly authorize tariffs, taxes, or broad trade barriers. The Court will also review whether the President sufficiently justified declaring a national emergency to invoke these authorities, and whether using the IEEPA for tariff actions exceeds the intended limits of executive power. The ruling could set a major precedent defining how far future presidents can go in reshaping trade policy without congressional approval.
Port of Long Beach Tracking Towards Record Volume
The Port of Long Beach is projected to approach or exceed last year’s record 9.6 million TEUs amid rising tariff uncertainty, with 8.2 million TEUs handled through October — a 4.1% increase year-on-year. The port credits this surge to “front-loading” by shippers, which has been response to tariff changes, creating artificial peaks in cargo volume. However, a decline is expected near the end of this year, and into early 2026, as inventories are already well-stocked and holiday imports were brought forward.
Houthis Appear to Suspend Red Sea Attacks
The Houthis signaled a suspension of their attacks on commercial ships in the Red Sea and Israel-linked vessels. This was stated in a letter sent to the armed wing of Hamas (and published online) that praised the ceasefire in Gaza, but warned that attacks would resume if hostilities reignited. While the group has not formally declared a full ceasefire, no attacks have been recorded since. The move comes after more than two years of hostile actions that severely disrupted one of the world’s key shipping corridors. Experts caution the pause is fragile and conditional, leaving global maritime trade alert for any abrupt return of aggression.
Trucking Continues to Face a Driver Shortage
The U.S. trucking industry is still grappling with a significant shortage of qualified drivers, with current estimates placing the gap between 60,000 and 80,000. Carriers report that recruiting and retaining drivers remains their top challenge, brought about by an aging workforce, demanding schedules, and stricter licensing and training requirements. High turnover rates continue to strain capacity, contributing to upward pressure on wages and tighter availability across key lanes.
