Air cargo carriers are adjusting to the new global trade order taking shape as the administration of US President Donald Trump imposes a wide range of tariff levels on countries around the world. Geopolitical tensions in the Middle East have added another layer of instability, as widespread airspace restrictions cut cargo movements across that region. Yet another factor for the air cargo downturn is the fact that air freight has lost its competitive advantage now that maritime shipping costs have fallen from elevated rates in 2024.