/ 1) Thought provoking chart #1,538 - De Minimis: the ball is in Europe''s court / 2) Container spot rate decline easing - but demand lull looms 3) Tariffs cause some China imports to crash 44% in September 4) Airlines Climb On Delta Results Despite Airport Delays During Shutdown 5) Lufthansa Pilots Union Says Pension Talks to Continue Next Week 6) France''s Political Stability has a price but alternative could be higher / 1) Thought provoking chart #1,538 - De Minimis: the ball is in Europe''s court China low-value e-commerce exports by air (Tonnes), by air, May-July 2024 vs. May-July 2025 / Share of China low-value e-commerce exports by air (Tonnes), by destination, May-July 2024 vs. May-July 2025 / Source: BNP Paribas Exane estimates based on Aevean data Six weeks have passed since the US removed its De Minimis exemption for all imports regardless of country of origin. Because of the reporting lag in most industry datasets, it is still too early to properly assess what the impact has been on air cargo volumes overall. However, the exemption for goods imported from China and Hong Kong was removed back in May and, given the majority of De Minimis shipments originate from China (80% of US and EU De Minimis shipments), this impact is arguably more significant from a market perspective. In the three months to July - i.e. the three-month window immediately after the removal of the De Minimis exemption, which occurred on 02-May - air cargo volumes from Asia to North America dropped -5.5% YoY. Yet the market overall was up +3.5%. The US'' decision to remove its De Minimis exemption for Chinese goods has clearly not stemmed the flow of low-value goods out of China. As shown in the first chart above, low-value Chinese e-commerce exports transported by Air - the type of volume that has come to dominate De Minimis shipments - have continued to grow, up +12% YoY in the three months to July. With China-US volumes down -46% over this...