Transport costs are rising across the U.S. economy, with trucking expenses at their highest since the Covid pandemic. Diesel prices have jumped 77% in the past year, and container-shipping rates are climbing. Railroads, parcel-delivery companies like FedEx, and the U.S. Postal Service are also raising prices.

A shortage of truck drivers is worsening the situation, with over 28,000 drivers removed since early 2025 for failing English tests and more than 30,000 CDLs canceled. The Iran war has driven up fuel costs, adding $15,000 annually for drivers covering 500 miles daily. Some businesses are shifting freight to rail, but rail customers also face higher bills.

Farmers now pay 48 cents per mile in fuel surcharges, up from 19 cents last year. Motor oil prices have surged, prompting Walmart and Costco to raise prices. Stellantis has switched bulk oil for dealers to a less optimal grade. Meanwhile, the U.S. and China agreed to reduce tariffs by $30 billion and will hold talks on AI.

Chinese leader Xi Jinping and President Trump are set to meet at the Asia-Pacific Economic Cooperation summit in Shenzhen and the Group of 20 meeting in Miami.