The recently issued 2025 State of Logistics Report from CSCMP and Kearney was titled “Navigating through the Fog” for good reason.

After a relatively calm 2024, the start of 2025 was characterized by the Trump administration’s tariff bingo, leaving markets across the globe unsettled. Add to that the new battle in the Middle East, with its risk of expansion, potentially impacting oil prices and more, and there is a lot to be worried about.

That was captured in the SOL report by the chart below, which shows uncertainty, as tracked by something called the Economic Policy Uncertainty Index from an organization of academics using the same name as the index.

As can be seen, the index has soared in 2025 now exceeding levels at the start of the pandemic in early 2020.

Source: State of Logstics Report 2025

May you live in interesting times, as the Chinese saying goes.

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