LONDON: Global ocean freight rates have risen to their highest level in the past two years ahead of the introduction of new US tariffs, the ...
LONDON: Global ocean freight rates have risen to their highest level in the past two years ahead of the introduction of new US tariffs, the Financial Times (FT) reported, citing experts.
Rates on routes between Asia and the US East Coast, as well as between Asia and Europe, reached their highest level since the summer of 2024 last week, according to digital shipping platform Freightos.
According to the platform, the cost of shipping a standard 40-foot container (12.9 meters long, 2.44 meters wide and 2.59 meters high) from China to the US East Coast surged to $7,880, up 62% from a month earlier. The cost of such shipments between China and the Mediterranean increased by 47% to $6,431.
As reported earlier, the United States plans to impose new tariffs of 10% or 12.5% on products from approximately 60 countries in July. The decision follows an investigation launched in March into regulations in those countries concerning imports of goods produced using forced labor.
The investigation was initiated under Section 301 of the Trade Act of 1974. The provision authorizes the US president to take all necessary measures to counter what the United States considers restrictions imposed by other countries on American trade.
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