US trade volumes are declining: Global container volumes grew +2.1% YoY in October, marking the 9th monthly increase this year. This was driven by rising imports into Africa, the Middle East, Latin America, and India. At the same time, US inbound volume dropped -8.0% YoY, dragging total US container volumes down -1.7%. This marked the 4th monthly contraction this year. By comparison, the US recorded +15.2% YoY growth in container imports for the full year 2024. Tariffs are redefining trade with the US.