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Tariff pressures could soon accelerate deals across freight transportation modes, Venable partner Elizabeth Lowe said at an Axios Pro-moderated SMC3 Connections panel.

The big picture: Some carriers have postponed deals until next year, citing tariff uncertainty, while others have pounced on strategic transactions.

Asset-based and asset-light supply chain providers — from trucking firms to non-vessel operating common carriers — could be among those involved in upcoming deals, panelists at the Salt Lake City conference said.

State of play: If reciprocal tariffs take effect on July 9, trading partners are likely to implement retaliatory duties on U.S. exports, Lowe said.

Tariffs and surcharges are driving capacity reductions and cost increases for importers and exporters, she added.

What they're saying: "That does lead to an environment where consolidation could definitely pick up across a lot of different modes," Lowe said.

Non-vessel operating common carriers "seem to always be consolidating, so that's a big one," Lowe said.

"In the surface transport [sectors], there's definitely potential," she added.

Zoom in: Third- and fourth-generation owners of family businesses, which traditionally exit to private equity, could be looking for an offramp amid market pressures.

"Given the interest rate environment right now, not a lot of private equity buyers are as compelled," Stifel managing director Bruce Chan said Monday during another session at the conference.

What we're watching: The LTL acquisition outlook for 2026 — particularly when Knight-Swift Transportation and TFI International return to the deal table after delaying acquisition plans.

Forward Air and Roadrunner are possible targets for TFI, Chan said.

Yes, but: "LTL acquisitions and integrations are very difficult, which is why you haven't seen many successful ones," Chan said.

Case in point: Yellow Corp. marked the largest bankruptcy in trucking history in 2023 after failing to integrate acquisitions.

Context: Although transaction volumes have slowed in the past few years, larger-scale dealmaking is expected to dominate supply chain M&A through next year, Kearney partner Korhan Acar has told Axios Pro.

The bottom line: Persistent uncertainty lays over all of this, which makes timing a major dealmaking consideration.

Freight is "ripe for consolidation" amid tariff strife

Some carriers have postponed deals until next year, citing tariff uncertainty, while others have pounced on strategic transactions.

Illustration of stacks of money with a strap that travels upward and forms an upward pointing arrow

Tariff pressures could soon accelerate deals across freight transportation modes, Venable partner Elizabeth Lowe said at an Axios Pro-moderated SMC3 Connections panel.The big picture: Some carriers <a class="gtmContentClick" data-vars-link-text="have postponed deals" data-vars-click-url="https://www.axios.com/pro/supply-chain-deals/2025/04/24/trucking-giants-push-off-deals-tfi-knight-swift" data-vars-content-id="a5775867-5ff3-4890-8be4-5b4c8e717211" data-vars-headline="Freight is &quot;ripe for consolidation&quot; amid tariff strife" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/supply-chain-deals/2025/04/24/trucking-giants-push-off-deals-tfi-knight-swift" target="_self">have postponed deals</a> until next year, citing tariff uncertainty, while others <a class="gtmContentClick" data-vars-link-text="have pounced" data-vars-click-url="https://www.axios.com/pro/supply-chain-deals/2025/04/25/16b-ups-deal-taps-lucrative-medical-shipment-market" data-vars-content-id="a5775867-5ff3-4890-8be4-5b4c8e717211" data-vars-headline="Freight is &quot;ripe for consolidation&quot; amid tariff strife" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/supply-chain-deals/2025/04/25/16b-ups-deal-taps-lucrative-medical-shipment-market" target="_self">have pounced</a> on <a class="gtmContentClick" data-vars-link-text="strategic transactions" data-vars-click-url="https://www.axios.com/pro/supply-chain-deals/2025/04/28/cma-cgm-majority-stake-south-american-port-terminal" data-vars-content-id="a5775867-5ff3-4890-8be4-5b4c8e717211" data-vars-headline="Freight is &quot;ripe for consolidation&quot; amid tariff strife" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/supply-chain-deals/2025/04/28/cma-cgm-majority-stake-south-american-port-terminal" target="_self">strategic transactions</a>.

Freight is "ripe for consolidation" amid tariff strife

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