Global ocean freight rates have hit two-year highs,driven by looming US tariffs on imports from roughly 60 countries. Shipping costs for a standard 40-foot container from China to US East Coast soared to $7,880 — a jaw-dropping 62% jump from last month,per Freightos data.
Routes linking Asia to US East Coast and Europe saw similar spikes. Shipping from China to Mediterranean surged 47%,reaching $6,431. These shifts follow new tariffs set for July,imposing rates of 10% or 12.5% on various goods.
Tariffs stem from a March investigation into regulations on imports made with forced labor in these countries . This falls under Section 301 of Trade Act of 1974,empowering US president to act against foreign trade barriers seen as unfair to American interests.
Experts say rising shipping costs reflect not just tariffs but broader supply chain woes. As global shipping continues to shift,businesses may need to adapt to these rising costs…and what they mean for trade.
