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U.S. airlines began canceling hundreds of flights Nov. 6 due to the Federal Aviation Administration’s order to reduce traffic at the country’s busiest airports starting Nov. 7.

"This comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes,” Challenger, Gray & Christmas said in the report.

The world’s largest transportation and logistics providers have been operating in a highly volatile business environment this year as tariffs and shifting trade policies have altered international freight flows.

Global freight flows have entered a period of transformation as the U.S.-led trade war and other policy changes have upended the business landscape for international shipping.

First responders were searching for more victims Nov. 5 after a UPS cargo plane crashed and exploded in a fireball at the company’s global aviation hub in Kentucky, killing at least 12 people.

The death toll from a UPS Inc. cargo plane crash rose to 12 as investigators began looking into what caused the fiery Nov. 4 accident near the company’s global hub in Kentucky.

Challenging market conditions related to trade tariffs and other macroeconomic factors have become “more visible in global trade flows” in the past quarter, DSV said. 

Beijing and Washington have sparred over shipping, with China introducing a hefty extra fee on vessels known to have American links, following a similar U.S. move.

Countries at an IMO gathering in London voted to push back for a year a decision on whether to make ships start paying for the more than 1 billion tons of greenhouse gases they emit each year. 

Nations are at an International Maritime Organization meeting in London to decide on landmark regulations to make vessels start paying for their greenhouse gas emissions.