Trump’s retaliatory tariffs have disrupted 35–40% of China-US shipments and 30% of Vietnam-US cargo, with e-commerce volumes halved. Carriers hold rates steady but cut sailings, forecasting 10%+ annual volume drop. A pre-tariff rush (for goods shipped before April 9) offers brief relief, but long-term contracts face renegotiation as spot rates dip below $2,300/FEU to the US West Coast.