In this episode, we kick things off by examining a major freight broker navigating a brutally tough first quarter but projecting a significant turnaround ahead. RXO released its earnings Thursday morning, reporting a first-quarter adjusted EBITDA of just six million dollars, down sharply from twenty-two million dollars a year earlier. Despite compressed margins, the company aggressively shifted its strategy by increasing its spot mix to thirty-three percent of volume, helping produce what RXO described as the largest sequential increase in gross profit per load in more than three years. Looking ahead, the broker is forecasting a much stronger second quarter with adjusted EBITDA expected to land between twenty-seven million dollars and thirty-seven million dollars.

Next, we explore the trade sector where billions of dollars in tariff refunds are finally beginning to flow through a newly launched federal portal. U.S. Customs and Border Protection rolled out its Consolidated Administration and Processing of Entries tool, known as CAPE, on April twentieth within the Automated Commercial Environment portal. The digital platform is processing claims far more efficiently than anticipated, with refunds potentially arriving in early May. However, a massive readiness gap is emerging, as CBP estimates roughly forty-six billion dollars in refunds is currently stalled for importers that have not completed ACH refund authorization or established proper portal access.

Finally, we cover a controversial regulation governing commercial driver's licenses as a federal court denied a request to block the rule for non-domiciled drivers on Tuesday. A three-judge panel in the U.S. Court of Appeals for the District of Columbia denied a motion seeking to stay enforcement of FMCSA's rule, which became effective March sixteenth and specifies that non-domiciled CDLs are available only to H-2A, H-2B, and E-2 visa holders, excluding asylum seekers, asylees, DACA recipients, refugees, and people with temporary protected status. While the stay was denied, the combined cases will move forward with petitioners' briefs due June fifteenth and oral arguments expected in September.

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