Hormuz traffic is back at crisis lows, the Houthis have opened a second front against Saudi shipping, and new US duties landed the same week. Yet spot rates just fell. Here is why, and what it means for your cost base. The Strait of Hormuz has been effectively contested since February 28, when Iran began…
A single clause buried in a 1974 trade law let the administration put duties on 99.4% of American imports, four months after the Supreme Court struck down its last attempt. Here’s what happened, step by step. At 12:01 a.m. Eastern on Friday, July 24, a 10% tariff on nearly everything the United States imports quietly…
There is a version of this story where the headline writes itself: CPSC requires electronic filing of product certificates starting July 8, 2026. That is accurate, and for some importers it is all they need to know to start making calls. But the rule has enough moving parts: two certificate types, two filing methods, seven…
The tariffs came fast, the court orders came faster, and now the question for most importers who paid IEEPA duties is not whether they are entitled to a refund for a large number of entries, the legal question has been resolved, but whether they have done what is required to actually collect one. That is…
Weeks after the U.S. and Iran signed a fragile Memorandum of Understanding (MOU), the Strait of Hormuz, a vital chokepoint for shipping, remains in flux. Bloomberg reported Saturday that some attempting to leave the Persian Gulf along the Omani coast turned back between Friday and Saturday. But then, on Sunday, some ships were able make…
Right now, a proposed peace deal between the U.S. and Iran remains in flux, as key issues, like the Strait of Hormuz and Iran’s nuclear program, remain sticking points. The Strait of Hormuz remains one of the region’s most vital chokepoints, with about 20% of the world’s petroleum and liquified natural gas passing through. These…
Here is the basic shape of Section 122 as of June 1. The administration invoked it on February 20, the same day the Supreme Court struck down IEEPA, as a backup plan to keep a 10% across-the-board surcharge on most imports while a more permanent replacement was built. It took effect on February 24. It…
Here is the basic shape of the IEEPA refund situation as of early June. The Supreme Court invalidated the tariffs in February. The government had collected roughly $166 billion under them. Customs and Border Protection has now refunded approximately $20.6 billion, with another $85 billion accepted for processing through the new CAPE portal that opened…
In just a few weeks, the US and Mexico will begin the first bilateral negotiating round to discuss the future of the US-Mexico-Canada Agreement. The initial high-stakes joint review of the trade agreement will take place in July. This performance review, so to speak, is mandated in the initial deal, and if the terms are…
Yesterday, U.S. Central Command announced that two American-flagged merchant vessels successfully transited the Strait of Hormuz, escorted by guided-missile destroyers that had entered the Persian Gulf as part of what the White House is calling Project Freedom. “American forces are actively assisting efforts to restore transit for commercial shipping,” CENTCOM posted on X. The market’s…