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EXPD - Expeditors International Of Washington: Patient Zero Of The Trade War
Expeditors International of Washington Inc.
Patient Zero
Expeditors International of Washington (EXPD) is one of my favorite companies, with great leadership and culture, and a history of navigating macro challenges quite well. But they are in the freight-consolidation and logistics business, and their biggest regional route is greater China to North America. There’s only so much great leadership can do with this:
Here’s the broader picture of global trade:
OECD
This is what happened to Expeditors’ operating income:
Company filings.
Turns out, if the President of the United States wants to screw your business, he can.