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Trump’s Strait of Hormuz fee proposal could double shipping costs
A proposed 20.0% charge on goods moving through the strait has raised concern about higher oil and shipping expenses for U.S. trade.
The New York Times Business reports that concerns are growing among shippers about a possible Trump-linked fee tied to passage through the Strait of Hormuz, with estimates suggesting the added cost could be roughly double current shipping expenses.
The issue centers on the potential expense of a 20.0% charge to move oil and other goods through the critical waterway, according to the report.
With the strait serving as a major chokepoint for energy shipments, the prospect of a sizable new fee has prompted shippers to focus on how quickly costs could rise.
The report highlights that the shipping industry is watching the proposal closely, given the potential impact on the cost of moving oil and other cargoes.