ab 29 May 2025 Powered by YES UBS Evidence Lab Global Research China Industrials Revised transport infrastructure outlook on easing tariff concerns Passenger volume to outperform freight in 2025E We change our industry volume growth forecasts for transport infrastructure after both the US and China lowered the reciprocal tariff rate from 125% to 10% on 12 May. YTD volume has been resilient, especially for container throughput at ports, partly the result of front-loading that may continue in the short-term. ...