USMCA Round 1 closed Friday, the auto math changed.
USMCA Round 1 US tabled 82% North American content (up from 75%) with a 50% US-specific carve-out. No mechanism for counting Canadian parts. Heavy trucks RVC moves from 70% to 75%. Greer skipped Mexico City, Goettman led. Round 2 is Washington June 16-17 on agriculture, Round 3 is Mexico City the week of July 20.
Canada No bilateral date confirmed. Still paying 25% on steel, aluminum, non-USMCA-compliant autos, plus 35% on non-USMCA-compliant goods since August. 85% of Canada-US trade still moves tariff-free under USMCA.
Auto industry 109 vehicles built in North America hit 51%+ US content today, down from 123 last year. Most are Tesla. Detroit Three said nothing Friday. Still modeling.
Mexico-China 50% tariffs on autos and parts from any country without an FTA. Catches Chinese vehicles coming in through any North American port. Ebrard called Friday for a "systemic approach" to compete with Asia.
CONTAINER WATCH — Week of May 26, 2026
Drewry WCI closed Thursday at $2,800 per FEU, up 3% on the week, fourth straight week up.
Route | Rate | Weekly change |
|---|---|---|
Shanghai → Los Angeles | $3,473 | +3% |
Shanghai → New York | $4,597 | +6% |
Shanghai → Rotterdam | $2,773 | +15% |
Intra-Asia (May 29) | $1,008 | +5% |
ONE Peak Season Surcharge of $2,000 per FEU TPEB goes live today. CMA CGM new FAK levels also today, around $4,000 per FEU Asia-Europe. Eight blank sailings on the Transpacific next week, up from seven. Peak season showed up two months ahead of the calendar.
WHAT ELSE HAPPENED
Trump edited a US-Iran MoU draft Saturday The text includes a 60-day cessation of violence, a framework to reopen Hormuz, and a framework to restart nuclear talks. WTI hit $90 Friday, Brent $94. DHL is telling customers four to six months to full normalization even if a deal lands.
Canada Q1 GDP -0.1% annualized Statistics Canada Friday: Q1 -0.1%, Q4 2025 revised down to -1.0% from -0.2%. Three of the last four quarters negative, business capex fell for the fifth straight quarter, population shrank for a second quarter. April flash came in at +0.4% on mining and oil and gas.
China May PMI: manufacturing 50.0 NBS Manufacturing PMI 50.0, down from 50.3 April. Production 51.2, new orders 49.9 in contraction. Non-manufacturing flipped back into expansion at 50.1. Strength sits in high-tech at 52.9 and equipment at 52.1.
ANTAC confirmed June 11 nationwide blockade World Cup opening day. David Estévez told reporters the threat list includes AICM, Guadalajara, and Monterrey airports. FNRCM split off last week, took a dialogue table with Sec. Agriculture on May 28 over basic grains exclusion from USMCA. Bajío-Laredo and Manzanillo freight in June needs contingency routing on the desk this week.
BLACKETT.