A shift to shorter supply chains not only helps manage the unpredictability of costs, but also strengthens supply chain resilience by reducing dependency on distant suppliers.

That figure would cover the cost of 13 border-related programs to deal with physical checks on plant and animal imports and safety and security declarations. 

The Red Sea and Suez Canal previously accounted for about a tenth of global seaborne trade, and provided Qatar with the shortest route to Europe.

According to data from the National Retail Federation, monthly U.S. ocean imports are expected to crest the two million TEU mark by the end of May.

Building structural resilience, and putting the right solution in place to suit your unique brand now will ensure that firms can emerge from a volatile economy and recession stronger. 

The report released on May 14 describes how the ship experienced two electrical blackouts 10 hours before it left the Port of Baltimore.

Also included in the new tariffs were ship-to-shore cranes (0% to 25%), solar cells (25% to 50%), and lithium ion EV batteries (7.5% to 25%). 

Allianz estimates that global trade will increase by 2.8% in 2024 — below the average of 5% — blaming that on disruptions brought on by the Red Sea crisis.

If approved, the measure would likely trigger contractual challenges for European logistics firms and political backlash from other gas-buying nations.

Carlos Sugich, partner at the law firm of Snell & Wilmer, discusses the factors that are causing manufacturers to nearshore production in Mexico.