Under pressure from continued tariff volatility and uncertainty in economic and truck freight markets, U.S. trailer net orders fell 34% month-over-month (m/m) to 6,738 units – exceeding typical seasonal declines – according to a report from FTR.
Despite the sharp decrease, May net orders were still up 3% year-over-year (y/y), benefiting from comparison against a weak performance in May 2024. Year-to-date (YTD) net trailer orders for 2025 reached 83,218 units, a 24% increase y/y. However, order cancellations surged to 37.6% of gross orders in May – the highest rate in 12 months and significantly above April’s 20% figure.
“The ever-evolving tariff environment continues to disrupt the U.S. trailer market. The increase in tariffs on steel, aluminum, and fabricated components to 50% on June 4 will significantly increase production costs for OEMs/suppliers, putting further downside pressure on trailer demand. Also, while tariffs on Chinese imports have moderated greatly – at least temporarily – other country-specific tariffs add further cost pressures. A further headwind on demand is uncertainty over the legality of the reciprocal and fentanyl-related tariffs that were based on emergency powers,” Dan Moyer, FTR’s senior analyst, commercial vehicles, said in a release.
“OEMs and suppliers face pressure to either absorb rising costs or pass some or all of them on to fleets, potentially impacting fleet expansion and maintenance strategies. As a result, some fleets may delay new trailer purchases or turn to refurbished and alternative options. Potential consequences include heightened market price sensitivity, extended trailer lifecycles, and a shifting of some demand toward used equipment or alternative configurations,” Moyer said.
