Stay connected
Subscribe to our Inside WEX blog and follow us on social media for the insider view on everything WEX, from payments innovation to what it means to be a WEXer.
Trucking fleet
Navigating the storm: How trucking executives can adapt to tariffs and economic uncertainty
The trucking industry has always been a barometer for broader economic health. But lately, the road ahead has been anything but predictable. With increasingly complex cross-border transportation, shifting global trade policies, and inflation putting pressure on every aspect of business, trucking executives are being forced to rethink the way they operate.
While volatility is nothing new, today’s challenges are different in scale and scope. Tariffs are impacting critical equipment imports, cross-border freight is facing fresh scrutiny, and inflation continues to push up operational costs. The question for industry leaders is no longer if these disruptions will affect your business—but how you will respond.
Welcome to a new series: “Navigating headwinds: Trucking through uncertainty”
Trucking has always been a business of tight margins, long miles, and sharp decision-making. But today’s operating environment is pushing even the most seasoned leaders into uncharted territory. Inflation, volatile fuel prices, shifting labor dynamics, and rising interest rates are straining the financial foundation of many carriers. And now, global trade conflicts and tariff escalations are introducing new layers of unpredictability.
In a recent report by Cindy Levy and Shubham Singhal (McKinsey, April 2025), U.S. tariff rates surged from roughly 2% at the start of the year to more than 20% within weeks—the highest levels seen in over a century. While the long-term implications remain uncertain, the short-term impact is already being felt in parts pricing, cross-border operations, and freight availability.
Whether you run a large national trucking company or an independent trucking operation, the message is the same: resilience is no longer a nice-to-have—it’s mission critical. To survive and succeed, leaders must rethink their cost structures, streamline operations, and anticipate change before it happens.
“Navigating Headwinds” is a content series created for trucking executives who are steering their businesses through economic uncertainty. Each piece of content explores how the industry is adapting to a volatile landscape—offering practical strategies, policy insights, and proven ideas to help you maintain momentum in challenging times.
This series will focus on five core themes:
- Tariffs and trade policy
- Operational efficiency
- Financial planning
- Technology and data
- Long-term resilience
Upcoming articles will explore:
- How tariffs and trade policy shifts are reshaping equipment pricing, sourcing, and freight demand
- Strategies for containing costs when fuel, insurance, and labor expenses are climbing
- The role of fuel cards, spend controls, and rebate programs in protecting your bottom line
- How leading carriers are using technology to improve visibility and driver performance
- What trucking businesses are doing to plan for the future, protect cash flow, and maintain a competitive edge
No matter your trucking business size or operating model, this series is designed to help you navigate uncertainty with confidence—and chart a smarter course forward.
Tariffs and trade policy: what’s causing the shakeup
From new tariffs on Chinese vehicles to shifting trade agreements with Mexico and Canada, the rules of global commerce are evolving fast. For trucking companies, these changes impact more than just freight lanes. They affect parts pricing, equipment availability, and freight demand.
Original equipment manufacturers (OEMs) and parts suppliers are already passing on higher costs. In some cases, long-standing sourcing relationships are being reevaluated as companies scramble to find tariff-friendly alternatives. For cross-border carriers, new compliance requirements and customs delays are adding additional complexity, and the freight demand has been on a downward trend since the start of the year.
Inflation and cost uncertainty: pinched from every angle
Inflation continues to ripple through the trucking industry: Fuel costs remain volatile, insurance premiums are climbing, labor shortages are pushing up wages, and maintenance costs are on the rise as fleets delay upgrades and push older vehicles further.
According to a Dominion Risk Advisors report, in 2024 commercial vehicle insurance premiums experienced some of the highest increases across all lines of insurance. The market saw between 9-9.8% increases to insurance policies during the first two quarters of 2024. This trend is expected to continue in 2025. A shortage of vehicle parts is pushing repair timelines out, leaving trucks idle for longer periods of time, and tariffs will only exacerbate this problem.
For carriers operating on razor-thin margins, even small changes in operational costs can have outsize impacts.
How economic pressure leads to operational risk
Uncertainty doesn’t just affect your balance sheet—it seeps into every part of your operation. When costs are unpredictable, decision-making gets reactive. Investments get delayed. Maintenance gets deferred. And sometimes, fraud gets overlooked.
In fact, economic pressure is a common catalyst for internal misuse and first-party fraud. Just like in financial downturns, fleet card misuse or unauthorized spending can spike when oversight is lax or when employees are feeling personally squeezed.
The hidden costs of inaction are real. They might include missed deliveries, lost business, eroded customer trust, or compounding inefficiencies that chip away at profitability.
Strategies to stay resilient in a volatile economy
While no one can predict the next tariff announcement or fuel spike, trucking executives can take clear, strategic steps to build resilience with the following tactics:
- Scenario planning: model best- and worst-case financial outcomes based on variables like fuel price hikes or tariff-driven parts inflation.
- Cost control through data: use telematics and fuel card reporting tools to monitor fuel use, idling time, and unauthorized purchases in real time.
- Diversification of routes and vendors: reduce over-reliance on specific import lanes or high-risk supplier regions.
- Liquidity management: explore fleet-focused financial tools, including factoring or fuel card rebates, to maintain cash flow and credit flexibility.
- Driver retention: invest in training, scheduling, and transparency to reduce turnover costs and improve performance during high-stress cycles.
Long-term outlook: How to build economic resilience
Trucking companies that will thrive in this environment are those that adapt quickly and think long-term. Building resilience means embedding flexibility into your operations: from diversifying your supply chain to rethinking how you manage fuel spend.
It also means leveraging the tools available to you—like fuel cards with spend controls, two-factor authentication (WEX’s Dynamic Prompt), and fraud monitoring—to reduce risk and improve visibility.
Keep your fuel card transactions secure with Dynamic Prompt
Download this one-pager and learn how Dynamic Prompt’s two-factor authentication can help your business prevent fuel card fraud.
When your team can act on real-time data, and when your systems are built to flag inefficiencies before they become costly, your business becomes far less reactive and far more prepared.
WEX provides the support you need with many decades of experience in the trucking industry: We’ve got your back, and we’re here for the long haul
As mentioned, one way economic downturns can impact business norms is with increases in fraud, and preventing fraud is all about having the right systems in place in advance of an attack. A fleet card program that gives you visibility, control, and built-in fraud protection is one of the most effective ways to avoid fraudster threats to your business.
With WEX, you get:
- Built-in fraud controls | Purchase limits | Two-factor authentication with Dynamic Prompt: Catch suspicious transactions before they impact your bottom line
- Detailed, line-item transaction data (Level III): See what was purchased, by whom, and where
- Real-time alerts | Customizable reporting: Stay informed and in control
- A closed-loop fuel network: Limit exposure and manage risk more effectively
- Support and guidance: WEX has been around for 42+ years – our team knows your business and what you need
If you’re actively looking for ways to reduce fraud and gain visibility into your fuel spend, the right partner can make all the difference. Smart fraud prevention uses data to predict and prevent issues, and keeps your business moving and your spend right where you want it.
Conclusion: Don’t wait for calm—adapt to the headwinds and know that WEX is here for you every step of the way
Economic turbulence will likely continue throughout the coming months. But with the right tools, partnerships, and mindset, trucking executives can do more than survive—they can lead. WEX is your partner through all the ups and downs you may face. For over 42 years, we’ve stood by our customers, through every high and low. You can count on us to remain a steady, reliable partner, offering support, guidance, and unwavering commitment as we navigate this storm together.
By proactively managing costs, securing operations, and planning for uncertainty, you position your fleet to weather today’s challenges and seize tomorrow’s opportunities, and WEX is here for you every step of the way.
Next steps
Learn more on how to better manage your over-the-road fleet:
All fleet cards are not the same, and different types of fuel cards suit the needs of different kinds and sizes of businesses. View WEX’s fleet card comparison chart to see which fleet fuel card is right for you.
Resources:
ProTrans
Dominion Risk Advisors
McKinsey