The week of October 19–23, 2026

The Tariff Bill Is Shrinking. The Commodity Bill Isn't.

The Graham Act's 100% tariffs are waived and IEEPA refunds lift Hasbro and RTX, but P&G flags a $1.4B commodity hit, diesel rises 9.7¢ to $6.276, and reefer rejections reach 21.44%.

Read the issueJosh Hoffner, 14 min read

This week in numbers

The figures this issue turns on. An orange rule marks a reading that rose.

Retail diesel (DOE weekly)
$6.276/gal
▲ 9.7¢ WoW; three-week decline ends
P&G commodity cost headwind (FY27)
~$1.4B after tax
Gross margin ▼ 160 bp; commodities −140 bp
Graham Act secondary tariffs
Waived
100% duty on top Russian-energy buyers suspended Oct 16
Drewry World Container Index
$4,585/40ft
▲ 2% WoW (Oct 22); highest in 15 weeks
SONAR reefer tender rejections
21.44%
1 in 5 loads; national rate 13.9%
Port of Long Beach (Sept)
997,177 TEU
▲ 25% YoY; busiest month in port history

Recent issues

The Inflation Is Stuck in the Middle.Producer prices jump 1.3% in September, the most since March 2022, and intermediate goods run 14.1% above a year ago, while CPI hits 3.7% with core at 2.6%, retail sales ex-gas rise just 0.2%, and diesel slips to $6.179.

Costs moving faster than your plan?

Book a 30-minute Operational Pressure Check with Josh Hoffner of Cedar Advisory.

Book the call