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The Ghost of Smoot-Hawley Rises

Global trade isn’t crashing... yet. But it’s wobbling hard, and the Transpacific lanes are the canary in the container ship.

U.S. import volumes are expected to drop 20–30% this quarter. Retailers are pulling back. Tariffs are ramping up. And suddenly, we’re staring down freight data that rhymes with 2009 — or worse, the 1930s.

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