THE ongoing trade conflict between the United States and China is beginning to show serious consequences for the US economy, with the transport sector hit hard, reports New York's FreightWaves.
Industry analysts are warning of widespread job losses as declining trade volumes disrupt supply chains and slow demand for freight services.
'We're just at the start of the trade war,' said Craig Fuller, CEO of Fire crown Media and SONAR, in a video posted on X. 'We've been at this for a couple of weeks, but things are definitely starting to take an impact in the economy.'
UPS plans to cut 20,000 jobs across its US operations, Penske Logistics will eliminate over 300 positions in Missouri, and US Xpress in Chattanooga, Tennessee, has announced 56 job cuts.
These workforce reductions reflect companies' efforts to reduce costs amid a five per cent to six per cent expected decline in trucking and domestic transportation volumes due to the drop in imports.
The slowdown, which began around Valentine's Day, is expected to worsen in the coming months.
SeaNews Turkey
Industry analysts are warning of widespread job losses as declining trade volumes disrupt supply chains and slow demand for freight services.
'We're just at the start of the trade war,' said Craig Fuller, CEO of Fire crown Media and SONAR, in a video posted on X. 'We've been at this for a couple of weeks, but things are definitely starting to take an impact in the economy.'
UPS plans to cut 20,000 jobs across its US operations, Penske Logistics will eliminate over 300 positions in Missouri, and US Xpress in Chattanooga, Tennessee, has announced 56 job cuts.
These workforce reductions reflect companies' efforts to reduce costs amid a five per cent to six per cent expected decline in trucking and domestic transportation volumes due to the drop in imports.
The slowdown, which began around Valentine's Day, is expected to worsen in the coming months.
SeaNews Turkey
