Six ships linked to the U.S. and U.K. have successfully transited the area without coming under attack since January 19.

Some of the Barbados ships have already been re-registered with other nations including Tanzania and São Tomé and Príncipe.

Organizations representing firms including Glencore Plc and a unit of Anglo American Plc are negotiating the terms of the pacts with Transnet.

MSC, A.P. Moller-Maersk A/S, Hapag-Lloyd AG and CMA CGM Group have all been hesitant to resume operations in the Red Sea.

The effect of Trump's threatened tariffs could be more severe than in his first term, with higher inflation expectations globally.

Exports of the steelmaking material from Port Hedland in Western Australia reached 47.6 million tons in December.

Among the “Plan Mexico” priorities are to speed up the permit process for exporting manufacturers that import materials duty-free and boost the purchase of locally made goods.

Duffy said he would work with Congress and the Federal Aviation Administration to ensure robust oversight of Boeing and other aerospace manufacturers.

Duffy’s new job would heavily overlap with Elon Musk’s empire, requiring him to navigate the priorities of an outspoken billionaire who runs companies that fall under the agency’s jurisdiction.

While the boats have been out of service for about three weeks, port personnel are slowly bringing tankers into harbor, causing a bottleneck.