Disruption and volatility remained defining features of the global trade landscape in the third quarter of 2025, according to the latest Air Freight Tracker report by Transport Intelligence (Ti). The report highlights that instability has become the “new normal,” with the United States continuing to drive market turbulence.
While Washington’s latest wave of tariffs—implemented in July and August—sent shockwaves through global trade flows, Ti notes that the immediate effects have already subsided. Shippers frontloaded cargo to beat tariff deadlines, triggering short-lived spikes in demand that have since given way to a muted peak season.
“The fragility of consumer spending has been laid bare,” the report states, pointing to rising inflation and weakening demand for discretionary goods as factors further dampening air freight volumes.
Meanwhile, decisive capacity shifts have unsettled rate patterns across markets. The resurgence of passenger flights has boosted bellyhold space, while freighter redeployments between the Pacific and Europe added to volatility. With supply continuing to outpace demand, Ti warns carriers to tread carefully in Q4: trimming schedules will be necessary, but overcorrection risks creating fresh imbalances.
