This week's podcast offers a comprehensive overview of the current global transportation sector. It highlights a market characterized by contradictory signals, where a persistent freight recession coexists with record-setting activity in specific segments due to geopolitical tensions and strategic policies. We analyze macroeconomic and geopolitical factors like tariffs and trade disputes, as well as escalating security risks in maritime transport, noting their impact on various modes of freight. Furthermore, we examines modal-specific developments across maritime, road, rail, and aviation sectors, concluding with an exploration of cross-cutting themes such as inventory correction, market consolidation, and a growing focus on domestic supply chain resilience driven by USA government policy.