Summary
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U.S. truckload spot rates reached an all-time high of $3.83 per mile in early June 2026, surpassing the COVID-era peak, while tender rejections climbed to 17.55%. The tightening extends to rail, with Union Pacific imposing a $500 peak-season surcharge on low-volume intermodal shippers and declaring Chicago, Laredo and all of California as constrained markets. Converging forces including a diesel price surge to $5.35/gallon, an early produce season, tariff-driven frontloading and depleted drayage capacity suggest little relief until late 2026.