SHIPPING NEWS

Danger Money: The Hormuz Run

Oil tanker captains are now earning up to US$100,000 a month to sail through the Strait of Hormuz, more than six times their usual pay. Shipping executives put the odds of being hit on a crossing at roughly one in 20. What was once routine navigation has become one of the most dangerous, and best-paid, jobs in global trade.

The danger is real. Since the US-Israel war with Iran began in February, at least 70 commercial ships have been attacked and 19 seafarers killed, according to the IMO. Crews now cross with transponders switched off, hugging the Omani coast under US Navy watch.

So is the money. Sinokor, the world's largest supertanker owner, has offered crews six months' extra salary for a single round trip of about a month. For a captain on $15,000 a month, that's around $100,000. A junior sailor on $1,500 can earn roughly $10,000 extra. Many still refuse.

Why do owners pay it? Because the maths works. Supertankers on Gulf–Asia routes are earning around $1 million a day, a record and 15–30 times normal levels. A crew bonus worth a few hundred thousand dollars is small change against a voyage worth millions.

The bill doesn't stop at the ship. Hazard pay, war-risk insurance and a shortage of available tankers all feed into freight, which now adds $20–40 a barrel to long-haul crude bound for Asia.

TOGETHER WITH GREENFIELD ROBOTICS

The Farmer Who Traded Herbicides For Robots

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VIDEO OF THE WEEK

Inside America's $66 Billion Bet To Beat China's Shipbuilding Empire

China is the world's top shipbuilder, and as it rapidly continues to expand its navy, the Trump administration is making American shipbuilding a national priority. This video goes inside a US naval shipyard to see how these vessels are built and why expanding America's fleet may be harder than it sounds.

TRADE SNIPPETS

Shrinking cattle herds in China, US, and Brazil signal a looming global beef crisis. The world's three biggest beef producers are all cutting herds simultaneously, with drought, feed costs, labour shortages, and trade restrictions driving prices higher as China's import demand collides with tightening global supply.

Anduril enters submarine building with $3.7 billion Baltimore plant to boost US Navy capacity. Anduril is building a 185,000-square-metre Baltimore facility, Arsenal-2, to produce Virginia class submarine components under a $2.9 billion Navy contract, aiming to lift output by 15% as backlogs grow.

Oil tankers run the Hormuz gauntlet in the dark as US Navy coordinates shuttle crossings. Tanker captains are shuttling oil through the Strait of Hormuz with lights off and radios silenced, hugging the Omani coast under US Navy escort, as Middle East flows return to pre-war levels.

Autonomous rail startup Parallel Systems raises $100 million to take short-haul freight off trucks. Parallel Systems has closed a $100 million Series C to scale production of its battery-electric Panther rail vehicle, targeting the 60% of US surface freight moving under 500 miles.

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TRADE NEWS

The Latest On The US Diesel Ban

A dramatic 48 hours in Washington shows just how volatile the US diesel picture has become. Late Monday, the Treasury Secretary confirmed the administration was examining whether a diesel export ban was feasible. By Tuesday, Politico reported the White House was preparing a 90-day embargo. By Wednesday, the White House had denied the report and the Energy Secretary had publicly ruled out any flat ban, saying only "voluntary measures" were on the table.

The pressure driving the debate isn't going away. US diesel hit a record $6.53 a gallon on 21 September, up from around $3.50 in January and above the previous nominal record set after Russia's invasion of Ukraine. Distillate inventories are at their lowest calendar reading since 1951. Refiner crack spreads have topped $100 a barrel for the first time on record. The Iran war, Russia's own diesel export ban (in place since July), Ukrainian drone strikes on Russian refineries, and Middle Eastern refinery outages have removed an enormous slice of global supply.

The US produces roughly 5.3 million barrels a day of distillates against domestic demand of about 3.6 million. Cutting off exports would offer near-term relief to some US consumers, but the international consequences would be immediate. Mexico takes around 288,000 barrels a day of US diesel, more than 40% of its national supply. Europe absorbs another 500,000 barrels a day. Brazil is the current top buyer. Any ban would be the first restriction on US energy exports since 2015.

For now, freight and logistics operators should be modelling both the announced voluntary measures and a hard-ban contingency because political pressure ahead of the November midterms guarantees this debate isn't over.

TOGETHER WITH TLDR

The AI brief curated by Anthropic and ex-Google engineers

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VIDEO OF THE WEEK

Why Cashew Nuts Are So Expensive

Wholesale cashews cost $10 per kilogram (seven times more than peanuts) and US retail can hit $15 per pound. Each kernel grows inside a toxic shell requiring careful extraction and processing. So how are cashews processed, and why so expensive?

TRADE SNIPPETS

Chinese exports jump 25% in August as tech demand drives a record trade surplus. China's exports rose 25% year-on-year in August, driven by semiconductor and data-processing shipments, pushing the trade surplus to $119.1 billion for the fourth straight month above $100 billion.

Seafarer killed and capesize left adrift after strike in the Strait of Hormuz. The Cape Dao bulker was hit off Oman's Musandam peninsula, killing one Indian crew member and sparking an engine-room fire, as the IMO logs 80 verified attacks on merchant shipping around Hormuz.

Audi sues to block imports of its own China-only AUDI EVs into Germany. Audi has launched legal action against German importer Auto China to stop parallel imports of the AUDI E5 Sportback and E7X, EV models jointly developed with SAIC exclusively for the Chinese market.

GM Defense delivers first Patriot missile components to Lockheed in just 22 days. GM Defense supplied its first PAC-3 housing components to Lockheed Martin 22 days after signing, applying automotive casting and machining scale to a missile program facing surging wartime demand.

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SHIPPING NEWS

US Destroys 5 More Iranian Tankers in a Week as Oil Tops $100

The US and Iran have moved to a new phase of the war, with Washington now systematically degrading Iran's shadow tanker fleet in response to attacks on US warships. Late on 8 September, US Central Command destroyed five IRGC-linked crude oil carriers—the M/T Kaviz, Charminar, Horizon 1, and Riesco in the Gulf of Oman, and the M/T Derya near Kharg Island, Iran's principal oil-export hub. Crews were ordered to abandon ship before the strikes; CENTCOM later released footage of the Riesco sinking. The action came after the IRGC targeted a US Navy warship with ballistic missiles twice in as many days. The warship evaded both attacks and no American personnel were harmed.

It follows the destruction of three more Iranian tankers on 5 September—the M/T Downy, M/T Stark 1, and M/T Kylo—bringing the confirmed weekly total to eight vessels struck. CENTCOM says the tankers are part of a "multibillion-dollar shadow network" that funds the IRGC and its regional proxies. The doctrine has been stated openly: US Naval Forces Central Command commander Admiral Brad Cooper warned that "if you shoot at two of our ships, we will impose an even higher economic cost—taking out three of yours."

Iran's response has spread the conflict. Overnight, Tehran fired 20 ballistic missiles at Jordan; Jordanian air defences destroyed 18, with two landing in unpopulated areas. Iran also claimed to have struck two US destroyers, a claim CENTCOM has flatly denied. The market impact is severe. Oil closed above $100 a barrel for the first time since July, and traffic through the Strait of Hormuz has fallen to its lowest level since May. See Clip

TOGETHER WITH GUARDIAN PUBLISHING

Elon's new company is private. These 3 tickers aren't.

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VIDEO OF THE WEEK

Something Weird is Happening in Indonesia…

Indonesia's rupiah hit record lows amid a corruption scandal, stock-market collapse, and massive capital flight. Despite official 5% growth claims, insiders are fleeing while the government restricts dollar access—revealing a deeper distrust than officials publicly admit.

TRADE SNIPPETS

Iran war and typhoon congestion push trans-Pacific container rates near $9,500. Hormuz tensions have driven bunker fuel back to mid-year highs, while typhoon-driven Asia port congestion and blanked sailings are keeping trans-Pacific rates at peak levels of $7,600 west coast and $9,500 east coast.

Amazon Air 767 freighter attempted go-around before deadly Miami runway overrun. NTSB data shows the 21 Air Boeing 767F touched down 4,000 feet down Miami's runway at 158 knots, attempted a late go-around, then overran into a parking lot, killing five people in vehicles.

Cruise ship AIDAperla torn from berth by strong winds, strikes quay in Le Havre. Strong wind gusts tore the 300-metre AIDAperla from its Le Havre berth on 8 September, striking the quay wall before five tugs returned it to position, disrupting the ship's onward voyage to Zeebrugge.

Five dead and 87 missing after ferry fire off Palawan in the Philippines. The June Aster ferry caught fire off Palawan Island while sailing from Manila, leaving five dead, 42 rescued, and 87 still missing from the 134 people listed on the vessel's manifest.

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SHIPPING NEWS

China's "Ice Silk Road" Just Opened for Business

China has begun operating the world's first regular container liner service through the Arctic, bypassing the Suez Canal, Red Sea, and Strait of Hormuz entirely.

On the evening of 15 August, the container ship Dubai Tower—a 1,740-TEU Liberia-flagged vessel departed Ningbo-Zhoushan bound for Felixstowe, UK, via Russia's Northern Sea Route. The transit is scheduled to take roughly 20 days, arriving in the UK around 7 September, followed by calls in Hamburg and Gdynia. Compared with the 40 days a typical Suez routing requires, the Arctic route roughly halves door-to-door transit time between East Asia and Northern Europe.

The service is operated by Chinese carrier Sea Legend under the branding "Ice Silk Road" or China-Europe Arctic Express. Weekly sailings are planned through early October using a rotation of seven ice class or ice strengthened vessels, with capacities mostly between 1,500 and 4,900 TEU. Sea Legend says the service is particularly suited to time-critical and temperature-sensitive cargo, including lithium-ion batteries and photovoltaic products, where the shorter transit and colder passage are commercial advantages.

The route depends on Russian permits and icebreaker support managed by Rosatom, Russia's state nuclear corporation which is under US sanctions. That creates real limits: CMA CGM, MSC, and Hapag-Lloyd have publicly pledged to avoid Arctic transshipment routes, and any cargo interest with significant US exposure faces compliance headaches. The route is also seasonal, only open during the Arctic summer melt.

For Beijing, this is the operational debut of a long planned "Polar Silk Road" designed to reduce dependence on chokepoints controlled or contested by others. Capacity is still small, but the strategic message is loud: for the first time, there is a real northern alternative to Suez.

TOGETHER WITH MARKETBEAT

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VIDEO OF THE WEEK

How Ferrero Makes Millions Of Chocolates In America

Behind the scenes with Ferrero, the Italian company behind Nutella who is quietly building a confectionery empire in the US. They are spending billions buying up iconic American brands, investing in new factories and an R&D lab, and even creating a new Nutella flavor made just for Americans.

TRADE SNIPPETS

Google Maps launches truck-specific routing to keep freight fleets off restricted roads. Google Maps Platform has rolled out Large Vehicle Routing nationwide, factoring truck height, weight, axle count, and hazmat status into routes, with in-cab clearance alerts and dispatch-to-driver route matching.

Hong Kong launches gold clearing system in bid to become a global bullion trading hub. Hong Kong has begun trial operation of a central gold clearing system, linking physical liquidity with Shanghai, launching a new price ticker, and expanding storage, refining, and MPF-linked gold ETF access.

Saudi Arabia reroutes oil north through Egypt to dodge Houthi threat in Red Sea. Aramco is shuttling crude from Yanbu to Egypt's Ain Sukhna and pumping it via the SUMED pipeline to Sidi Kerir on the Mediterranean, lifting northern Red Sea exports 33% to 1.1 million barrels daily.

Greek-owned oil tanker struck by projectile off Oman near the Strait of Hormuz. The Metrostar-managed LR2 tanker Metro Venetian was hit 17km northeast of Ash Shishah, Oman, disabling its engine room. All crew are safe, no pollution reported, and the attackers remain unidentified.

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SHIPPING NEWS

6 Dead in Red Sea Missile Strike

Two of the world's most critical shipping lanes were hit within hours of each other on Tuesday, in the deadliest day for maritime commerce since the US-Israel war on Iran began in February.

The first attack came at the Bab el-Mandeb Strait, the narrow chokepoint at the southern entrance to the Red Sea, between Yemen and Djibouti, that every ship must pass through to reach the Suez Canal. Iran-aligned Houthi rebels launched a double-tap missile strike on the Tihamah, a Tanzania flagged, Egyptian owned multipurpose cargo ship. Three ballistic missiles hit the vessel at first light, sparking a fire and inflicting extensive damage. A follow up missile struck as rescuers arrived. Six people were killed, three Pakistani crew members, one Indonesian, and two Yemeni National Resistance Forces personnel with ten others injured. It's the first fatal attack on shipping at the strait in over a year. The Houthis claimed the vessel was carrying Saudi military equipment. Yemen's government says it carried commercial cargo and food supplies.

Hours later and over 2,000 kilometres away, US forces struck the Panama flagged container ship Vela Nova in the Gulf of Oman, the waterway leading into the Strait of Hormuz. A US Navy MH-60 helicopter fired two Hellfire missiles after the vessel allegedly ignored repeated warnings while sailing toward an Iranian port. The strikes disabled the ship's steering and propulsion and sparked a fire on board; all 17 crew were accounted for with no fatalities reported.

Daily transits through the Bab el-Mandeb have dropped from around 50 to 32 vessels since the Houthis declared their naval blockade last month. That matters more than ever, petroleum flows through the strait reached 8.1 million barrels per day in the second quarter as Saudi Arabia redirected oil westward to bypass Hormuz where traffic has collapsed to as few as six ships a day, compared with a pre-war average above 130. Carriers are increasingly rerouting around the Cape of Good Hope, adding roughly two weeks to Asia/Europe voyages. Gulf states are accelerating pipeline construction to bypass the chokepoints entirely while buyers are shifting toward Latin American and US crude.

TOGETHER WITH THE HUSTLE DAILY

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VIDEO OF THE WEEK

Why Real Feta Cheese Is Disappearing

Greece produces more authentic feta cheese than any other country. The cheese is so valuable, it's nicknamed "white gold." But two forces are threatening Greece's historical grip on feta. A pair of diseases has led to the death of hundreds of thousands of sheep and goats. Meanwhile, other countries, including the US, are challenging Greece's legal claim to the name "feta" on the global stage. So what does all this mean for generations-old producers?

TRADE SNIPPETS

Container ship pays record $4 million for one-off fast pass through Panama Canal. The Seaspan Benefactor's owner paid $4 million at auction to skip a 10-day queue through Panama, as war-driven rerouting, lock repairs, and drought push canal wait times to their worst since May.

Natural diamond prices crash 50% as lab-grown gems shatter the scarcity myth. Natural diamond prices have fallen 50% over four years and hit an all-time low, as lab-grown alternatives collapse the scarcity premium despite miners cutting production by 20% to prop up prices.

Saronic raises $1.75 billion to build autonomous warships at wartime scale. Saronic Technologies has closed a $1.75 billion Series D at a $9.25 billion valuation to rapidly scale autonomous vessel production from its Corsair drone boat to the 180-foot Marauder across US and allied fleets.

Ukraine halts tanker strikes at Russia's Novorossiysk port after Vance intervention. Ukraine paused attacks on non-Russian tankers at the Novorossiysk Caspian Pipeline terminal after JD Vance warned strikes were destabilising oil markets already strained by Iran's closure of the Strait of Hormuz.

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TRADE NEWS

What’s Actually Happening With US Tariffs

America is now on its third tariff regime in five months. The Section 122 surcharge—the flat 10% duty that has covered nearly every US import since February—expired last Thursday. Within the same minute, a new Section 301 tariff took its place.

Section 122 was always a bridge, not a destination. It was rushed into place in February after the Supreme Court struck down Trump's original IEEPA tariffs, but it came with hard limits: a 15% ceiling, a 150-day maximum duration, and no way to extend without Congress. Congress didn't act. The 150-day clock simply ran out.

What replaced it is Section 301: a new tariff layer of 10–12.5% covering products from roughly 60 countries, administered by the US Trade Representative. Section 301 exists to punish "unfair trade practices"—intellectual property theft, forced technology transfer, market-access barriers—and it's the most legally durable tariff authority Washington has. Where Section 122 was a blunt, uniform surcharge on a ticking clock, Section 301 is targeted, country-by-country, and open-ended.

For most importers, the total duty burden barely moved. A Chinese-origin product that once faced 145% under the original IEEPA regime is now closer to 34% when you stack the new Section 301 layer with existing surcharges. The average trade-weighted US tariff rate is expected to hold around 11–13%—still the highest since the 1940s.

The bigger picture is legal, not economic. In five months, the administration has moved from emergency authority (IEEPA, struck down) to balance-of-payments authority (Section 122, expired) to unfair-practices authority (Section 301, hard to challenge). Each step has narrowed the legal exposure while keeping the tariff wall standing.

For importers, three actions matter now: reclassify affected entries under the new Section 301 codes, review country-of-origin documentation for the 80 covered nations, and check whether any pending refund claims from the IEEPA period are still recoverable.

TOGETHER WITH STAPLES

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VIDEO OF THE WEEK

How Apple Accidentally Built China’s Car Industry

How did Chinese cars get so good, so fast? And why can’t Americans buy them? Twenty years ago, Chinese cars were a joke — cheap, unreliable, unremarkable. Today, China exports more cars than any country in the world. While Detroit, Germany, and Japan competed with each other, China was quietly building something bigger.

TRADE SNIPPETS

Saudi Arabia rallies international coalition to defend Red Sea shipping from Houthis. Riyadh is in talks with dozens of countries to build a coalition protecting Red Sea shipping after Houthi attacks on energy tankers, deepening a maritime crisis already inflamed by the closure of the Strait of Hormuz.

Trump bans foreign humanoid robot imports, citing national security threats from China. The FCC has banned new imports of foreign-made humanoid robots and power inverters, citing risks of surveillance, remote control, and cyberattacks, targeting Chinese firms like Unitree, UBTech, and AgiBot amid escalating tech tensions.

Oil tanker reportedly hits sea mine and explodes in the Strait of Hormuz. Iranian media reported an oil tanker exploded in the Strait of Hormuz on 26 July after striking a sea mine, claiming the vessel had deviated from Tehran-approved routes, with no independent verification of casualties or damage.

Houthis target Saudi Arabia's last oil lifeline as Hormuz remains closed. With Hormuz shut, Saudi Arabia has rerouted 4 million barrels daily via its east-west pipeline to Yanbu, but Houthi drone strikes on the pipeline and Red Sea terminals now threaten Riyadh's only remaining crude export corridor.

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SHIPPING NEWS

Ukraine's Drones Open a New Front on Russia's Shadow Fleet

Ukraine has opened a new front in one of the most consequential maritime campaigns of the war—turning cheap drones into a systematic blockade of Russia's oil revenue.

Overnight on 14–15 July, operators of Ukraine's Unmanned Systems Forces struck 20 vessels of Russia's sanctioned shadow fleet in the Black Sea. The tally: 17 oil tankers, two gas tankers, and one tugboat. The strikes marked the launch of the Black Sea phase of a broader operation—codenamed MoLoChKa, or "Dairy"—timed deliberately to Ukraine's Day of Statehood. Kyiv's drone commander framed the night as a scoreline: "20 to nil."

The escalation is dramatic. Between 6 and 15 July, USF drones struck 136 vessels of Russia's shadow fleet across the Sea of Azov and the Black Sea. Of those, 116 were hit in the Azov over nine days before the campaign expanded seaward. Attack drones appear to be targeting deck structures rather than bridges, with follow-up drones filming the fires that spread after the initial strikes.

The strategic logic is straightforward. Russia's shadow fleet exists to slip past international sanctions, move oil and oil products, and funnel the proceeds into Moscow's budget for the war on Ukraine. Systematically disabling those tankers hits Russia's war chest at its source.

The pressure is already showing. Russia has reportedly reduced the number of tankers operating in the Sea of Azov, and on 10 July it halted new applications for passage through the Kerch Strait connecting the two seas. Moscow has also begun purchasing fuel from India to compensate for the disruption. Watch Clip

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VIDEO OF THE WEEK

The Illegal Business Of Fake World Cup Jerseys

Official World Cup jerseys can cost as much as $180, while counterfeit versions sell for as little as $4. We visited factories in Bangladesh, one of the world's biggest garment manufacturing hubs, to find out what separates authentic, replica, and fake soccer jerseys and why they cost so much.

TRADE SNIPPETS

India-UK trade deal takes effect, opening duty-free access for 99% of Indian exports. The India-UK Comprehensive Economic and Trade Agreement is now in force, granting duty-free access for 99% of Indian exports across textiles, pharmaceuticals, and IT, while phasing in tariff cuts on British whisky and cars.

US sanctions 50 targets in bid to dismantle Iran's illicit oil shipping empire. The US has designated over 50 individuals, entities, and vessels tied to Mohammad Hossein Shamkhani's network, aiming to disrupt Iran's oil export machine amid escalating attacks on shipping in the Strait of Hormuz.

Rolls-Royce breaks ground on major UK reactor plant to power British and Australian submarines. Rolls-Royce Submarines has begun doubling its Derby facility with 100,000 square metres of new space, boosting nuclear reactor output for the UK's Astute and Dreadnought fleets and Australia's SSN-AUKUS submarines.

Stripe and Advent make surprise $53 billion takeover bid for PayPal. Stripe and private equity firm Advent International have jointly offered $60.50 per share for PayPal, a 28% premium backed by $50 billion in bank financing, in what would reshape the global payments landscape.

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SHIPPING NEWS

Ceasefire Collapses: Ships, Strikes, and a Widening War

Just three weeks after Trump and Iranian President Pezeshkian signed the Islamabad Memorandum to end the war, the ceasefire has effectively collapsed. Speaking at the NATO summit in Ankara yesterday, Trump declared the deal "over" and a "waste of time," saying he would leave it to US negotiators whether to keep talking at all.

The trigger came from the Strait itself. Between Monday and Tuesday, Iran struck three commercial vessels in the Strait of Hormuz, including a Saudi tanker and a Qatari tanker. A separate tanker was hit off the coast of Oman by an unknown projectile, causing a fire but no reported casualties. Saudi Arabia condemned the attacks in the "strongest possible terms."

The US response has been heavy. American forces struck more than 80 targets across Iran, hitting air defence systems, coastal radar sites, anti-ship missile capabilities, and more than 60 IRGC small boats operating in and around the Strait. On 7 July, US forces also struck Kharg Island—Iran's main oil export hub—and revoked Iran's oil sales permit. Iran retaliated by hitting Kuwait and Bahrain, both home to US military bases.

Are ships still moving? The picture has changed quickly. In the weeks after the MOU was signed, daily transits had recovered to roughly 30–45 vessels—well up from the trough of around 6 per day at the peak of the crisis, but still well short of the pre-crisis baseline of about 90. Since the ceasefire collapsed, that recovery is now in doubt: multiple oil and gas tankers are reported to have turned back from the Strait following the latest attacks, and war-risk insurance is now running at roughly eight times pre-crisis rates, with several P&I clubs withdrawing cover altogether.

Markets are pricing in escalation. Oil rose more than 5% within minutes of Trump's remarks, and global equities fell. Trump summed it up bluntly: "We're either going to make a deal, or we're going to finish the job." Watch Clip

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VIDEO OF THE WEEK

The Vietnamese Boom Is a Lie (and it's worse than you think)

On paper, Vietnam looks unstoppable. The economy is growing around 8% while the rich world scrapes past 2%, the stock market jumped more than a third in a year, trade blew past $930 billion, and a real middle class is spending real money for the first time. Every crane on the skyline tells the same story : Vietnam is booming. But if you ask one boring question, the whole thing starts to fall apart.

TRADE SNIPPETS

Asia-US container rates soar past $7,900 as peak season demand replaces Hormuz fears. Asia-US East Coast container rates jumped 8% to $7,998 per FEU, up 85% since mid-May, as early peak season frontloading ahead of tariff deadlines and fuel surcharges drives trans-Pacific volumes higher.

Ukrainian drones strike 21 Russian ships in 72 hours, escalating maritime war. Ukraine's drone forces hit 19 tankers, one bulker, and one ferry in the Sea of Azov to choke fuel supplies to Crimea, with analysts warning of imminent Russian retaliation on Ukraine-linked shipping.

WiseTech founder Richard White resigns as chair amid mounting personal controversies. Richard White has stepped down as executive chair of logistics software giant WiseTech, replaced by Raelene Murphy, after months of personal media scrutiny wiped over 75% off the company's share price.

Category 5 Super Typhoon Bavi threatens Taiwan, China ports and Pacific commodity supply chains. Super Typhoon Bavi is set to hit Taiwan and China on Friday with 100-knot gusts and 12-metre waves, threatening iron ore, coal, bauxite, soybean, and nickel ore flows through key Pacific shipping lanes.

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TRADE NEWS

The Tariff Wall Just Came Down

A year after Trump and Von der Leyen shook hands in Scotland, the deal has finally taken effect. On 1 July 2026, the new US-EU Trade Agreement went live, capping a saga that began at Trump's Turnberry golf resort in July 2025, stalled through the Greenland crisis, and was finally ratified by the European Parliament on 16 June. The scale is enormous—roughly €4.2 billion of goods and services cross the Atlantic every day, adding up to €1.6 trillion in EU-US trade last year.

For businesses importing US goods into the EU, the change is dramatic. Under Regulation 2026/1455, the EU has eliminated customs duties on nearly all US industrial goods, from chemicals and pharmaceuticals to plastics, metals, machinery, and vehicles. A second track opens 20 tariff-rate quotas for US agricultural and seafood products, covering everything from pork and bison to dairy, cheese, nuts, soybean oil, and seafood. Fresh fruits and vegetables get partial relief but keep their protective minimum "entry-price" duties, and the 2020 lobster deal has been extended and expanded to include processed lobster.

Flowing the other way, the deal caps most US tariffs on EU goods at a single 15% all-inclusive ceiling, with no stacking, while aircraft, generic pharmaceuticals, and certain natural resources sit at MFN-only rates. None of this is unconditional. The Commission can suspend preferences if the US continues to apply rates above 15% on EU steel and aluminium derivatives by 31 December 2026, and a general safeguard clause allows tariffs to snap back if US imports surge. The whole regulation carries a sunset clause and will expire on 31 December 2029 unless renewed. For importers, three moves matter now: map your HS codes against Annexes I–III, audit US-origin documentation, and align with your customs broker on all July entries.

TOGETHER WITH POINT.ME

Your Secret to (Almost) Free Travel

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VIDEO OF THE WEEK

Why Pistachios Are About To Get Very Expensive

The war in Iran and shipping turmoil in the Strait of Hormuz have sent pistachio prices soaring to an eight-year high. With global supply under pressure, we visited America’s biggest pistachio growers to see what it takes to meet demand when the global pistachio market tightens.

TRADE SNIPPETS

Volkswagen weighs cutting 100,000 jobs and shutting four German factories in radical overhaul. Volkswagen CEO Oliver Blume is reportedly planning the automaker's biggest restructuring ever, potentially closing plants in Hanover, Zwickau, Emden, and Neckarsulm as it battles Chinese rivals, EV transition costs, and tariffs.

Philippines becomes the world's biggest solar panel buyer as Iran war drives up power prices. Filipino households have spent $407 million on Chinese solar panels since March, as electricity prices surged 10% after the Middle East conflict, driving a rooftop installation boom now consuming 12% of median incomes.

Ford rehires 300 veteran engineers after AI-driven quality checks fell short. Ford has brought back more than 300 experienced quality inspectors after AI-powered systems failed to match human expertise, with executives conceding the automaker underestimated its veteran engineers' knowledge and product cycle experience.

Norway greenlights the world's largest ship tunnel to bypass a deadly sea route. Norway has approved funding to build the 1.7-kilometre Stad Ship Tunnel through solid rock, letting cargo vessels, ferries, and cruise ships bypass the treacherous Stadhavet Sea, with construction expected to begin in early 2027.

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TRADE NEWS

Freight Manager Jailed for Smuggling US Oil Equipment to Russia

A US freight forwarder has been jailed in one of the more revealing sanctions-evasion cases of the year—a quiet reminder that the front line of the export-controls fight runs through ordinary logistics offices. Natalya Ivanovna Mazulina, the Western Regional Manager of Delex Air Cargo LLC, was sentenced on Wednesday to 18 months in federal prison and ordered to forfeit $77,000 in criminal proceeds. Delex is based in Jamaica, New York, and operates out of JFK and Seattle-Tacoma international airports.

From December 2022 through December 2024, Mazulina conspired with Russian freight forwarding companies to ship controlled items—including industrial oil and gas equipment—from the United States to Russia via intermediary countries. To hide the true destination, she submitted false export documents to the US government, omitting that the goods were Russia-bound.

The internal evidence was damning. In June 2023, Mazulina told colleagues her clients were paying through bank accounts in third-party countries because “most of her clients were currently sanctioned" She was arrested in December 2024 and pled guilty in October 2025 to conspiracy to violate the Export Control Reform Act.

US Attorney Joseph Nocella framed the case in stark terms. "The Russian oil and gas industry is the lifeblood that fuels the Russian war machine," he said, calling out the defendant for putting profits above national security. Freight forwarders sit at the chokepoint of export compliance—a single regional manager with false paperwork was enough to move sanctioned equipment for two years. Expect tighter scrutiny on intermediary-country routings ahead. See Release

TOGETHER WITH T-MOBILE

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VIDEO OF THE WEEK

The Final Moments of a Stellar Banner

The Stellar Banner, a massive iron ore carrier, was scuttled off São Luís, Brazil after running aground on a Far East voyage shortcut. Declared unseaworthy post-refloating, the VLOC was intentionally sunk to prevent environmental risk, its ballast tanks depressurized by salvage crews.

TRADE SNIPPETS

Cattle producers back Trump's threat to scrap the USMCA trade deal. R-CALF USA, America's largest producer-only cattle group, backs Trump's hint at withdrawing from USMCA, arguing cheaper Canadian and Mexican imports undercut domestic prices, and is demanding tariffs, quotas, and country-of-origin labelling.

DHL teams up with French startup to launch wind-powered cargo route across the Atlantic. DHL Global Forwarding France and VELA will operate sail-powered cargo trimarans between Caen-Ouistreham and New Haven from early 2027, carrying 600 pallets per trip with up to 90% lower emissions than conventional sea freight.

US commits $17.5 billion to rebuild nuclear supply chain and fast-track 10 new reactors. The Department of Energy has issued a $17.5 billion conditional loan to finance long-lead items for 10 new Westinghouse AP1000 reactors, partnering with utilities to accelerate deployment by up to three years.

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TRADE NEWS

US-Iran Deal Officially Signed

On 17 June 2026, US President Donald Trump and Iranian President Masoud Pezeshkian formally signed a 14-point Memorandum of Understanding (MoU) aimed at ending more than 100 days of conflict and reopening trade through the Strait of Hormuz. The agreement had already been digitally signed by senior officials days earlier, but Trump's signature made the deal officially effective.

The MoU is not a final peace treaty. Instead, it establishes a 60-day negotiation period during which both sides will attempt to reach a comprehensive agreement covering Iran's nuclear program, sanctions relief, regional security, and long-term economic relations.

For global trade, the biggest development is the reopening of the Strait of Hormuz. Under the agreement, Iran will restore commercial shipping traffic while the United States will progressively remove its naval blockade and other restrictions on Iranian maritime trade. US officials expect vessel movements through the strait to increase significantly as routes return to normal.

The deal also creates a pathway for Iran to increase oil exports. Washington has agreed to begin easing restrictions on Iranian oil sales and provide access to financial channels, although broader sanctions relief remains dependent on future negotiations and Iranian compliance.

On the nuclear front, Iran reaffirmed that it will not pursue nuclear weapons and accepted a framework for international oversight, but the most contentious issues have been deferred to the next phase of talks.

Markets have largely welcomed the agreement as a major de-escalation. However, many of the toughest issues remain unresolved, meaning the next 60 days will determine whether this becomes a lasting settlement or merely a temporary pause in tensions. Watch Clip

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VIDEO OF THE WEEK

Amazon : The biggest SCAM of the E-commerce industry ?

More than half of Amazon’s top sellers are now based in China, many with no websites, team pages, or traditional customer support, yet outranking established brands. This video explores how Amazon transformed into a Chinese-dominated marketplace through its Global Selling Program, direct recruitment at Chinese trade fairs, and FBA, while examining the financial incentives and winners behind the shift.

TRADE SNIPPETS

Rolls-Royce teams up with UK and Japan to develop next-gen modular nuclear reactors. Rolls-Royce, the UK's National Nuclear Laboratory, and Japan's Atomic Energy Agency have signed agreements to advance high-temperature gas-cooled reactors, targeting compact, deployable nuclear power for civil, defence, and industrial off-grid applications.

Trump says US would be better off without USMCA. President Trump has questioned the value of the USMCA trade pact, suggesting the United States would fare better without it, raising fresh uncertainty for North American trade and supply chains.

SpaceX overtakes Amazon to become America's fifth most valuable company. SpaceX has surpassed Amazon in market value just days after its stock market debut, highlighting investor confidence in its dominance across space launch, satellite internet and future aerospace markets.

7 Stocks to Buy Before the Robots Take Over

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MarketBeat’s new report reveals 7 companies positioned across the automation boom before robotics becomes one of Wall Street’s next crowded trades in 2026.

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SHIPPING NEWS

The Workaround Keeping Oil Flowing Through Hormuz

Trump posted this week that more than 100 million barrels of oil and roughly 200 commercial ships have moved through the Strait of Hormuz under a quiet US operation. So how is that happening when most major carriers have suspended Gulf transits and 1,550 ships sit idle? Open-source data points to one of the more inventive maritime workarounds in recent memory.

It started with Project Freedom, a US Navy escort operation announced in early May. The formal version was paused within a day, but reporting suggests quieter coordination has continued—with US destroyers, aircraft, drones and autonomous vessels apparently guiding ships through the southern Strait near the Omani coast.

The mechanism, pieced together from satellite imagery and tanker-tracking data, is clever. Off the coast of Oman last weekend, 16 tankers clustered together to transfer millions of barrels of oil stranded in the Persian Gulf—an area that had been entirely empty a month earlier. Tracking firms identified 12 ships conducting transfers outside Hormuz on June 6 alone. Empty tankers then appear to cycle back through the Strait with AIS on to collect new loads from the UAE, Saudi Arabia, Bahrain, Qatar or Iraq. That would explain why Gulf ship counts haven't collapsed—the same vessels are reportedly being reused.

Behind the scenes, the financial scaffolding may matter just as much. Standard protection and indemnity insurance for Gulf transits was cancelled in March, and commercial war risk premiums have surged to multi-year highs—pricing many shipowners out entirely. Washington appears to have stepped into that gap, with war risk cover reportedly underwritten through the US Development Finance Corporation's roughly $40 billion pool. That would help explain Kuwait's recent willingness to sign new long-term oil contracts despite the ongoing crisis: without state-backed insurance, the cargo simply wouldn't move.

The question is sustainability. Pre-crisis flow was around 20 million barrels a day—roughly 20% of global seaborne oil trade. Independent analysts estimate current effective flow is a fraction of that. The workaround appears to work—but it isn't normalisation.

The largest IPO in history is coming. Where will all that liquid money go?

SpaceX just filed for an IPO valued at up to $1.75 trillion. When that much capital becomes liquid all at once, where it goes next is the big question.

Meanwhile, spring art auctions in NY cleared $2.5 billion, with 15+ new artist records.

Prized, physical assets with fixed and scarce supply. When the ultra-wealthy get liquid, it’s one of the markets they reach for to diversify.

Masterworks lets you into that art market without needing the nine figures. Its members invest in shares of blue-chip artwork by artists like Banksy, Basquiat and Warhol.

The track record to-date?

• $1.3B deployed across 500+ artworks

• 29 sales to date

• Net annualized returns like 16.5%, 17.6%, and 17.8%, not including those unsold*

Skip the waitlist to join Masterworks.

^{*Investing involves risk. Past performance is not indicative of future returns. See important disclosures at masterworks.com/cd.}

VIDEO OF THE WEEK

How Tariffs Made MEXICO Great Again

How does a Hisense TV — a Chinese brand, with a label that clearly says Made in Mexico — still cross into the US tariff-free? The answer isn't a scam or a mislabelling. It's a loophole hiding in plain sight, written into the rules of one of the world's biggest trade deals. Here's how Chinese manufacturing quietly became "Made in Mexico" — and why it might not last.

TRADE SNIPPETS

Autonomous sea drone rescues downed Apache pilots near the Strait of Hormuz. A Saronic-built Corsair unmanned surface vessel recovered two US Army pilots after their Apache helicopter was shot down off Oman, marking the military's first publicised use of a sea drone for aircrew rescue.

Saudi Arabia signs rail deal with Turkey to revive Hejaz line and bypass Hormuz. Riyadh and Ankara have signed a railway cooperation deal advancing the revived Hejaz line, envisioned to link Turkey through Syria, Jordan, and Saudi Arabia to Oman as a trade corridor bypassing the Strait of Hormuz.

China shifts from "Made in China" to "Made by China" as factories relocate abroad. Squeezed by Western tariffs and weak domestic demand, Chinese firms like BYD, CATL, and Midea are exporting entire factories overseas, with outbound investment rising 7.1% while domestic investment fell for the first time on record.

Japan's three megabanks team up to launch a jointly issued stablecoin. Mizuho, MUFG, and SMBC have formally agreed to co-issue a shared stablecoin via trust banks, targeting live commercial transactions within fiscal 2026 under a new governance council backed by Japan's Financial Services Agency.

What happens when you throw out the GTM playbook

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They're one of 6 AI-native startups in HubSpot for Startups' free Bold Bets Playbook. Replit grew revenue 50x after half the team pushed back on the strategy. Ramp generated 100M+ views from a single stunt. Clay's co-founder wouldn't hang up a sales call until the prospect DMed him in Slack.

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SHIPPING NEWS

The 1.8-Kilometre City That Wants to Sail Forever

A Florida-based company is still pushing one of the most audacious maritime concepts ever proposed: a permanently mobile city at sea, designed to house tens of thousands of residents and circle the globe indefinitely.

The Freedom Ship is envisioned at approximately 1.8 kilometres in length—roughly 240 metres wide and 30 decks tall. The vessel would house up to 80,000 people: 50,000 residents, 10,000 tourists, and a 20,000-strong workforce keeping it running. It's too large to dock in any harbour, so eight helipads on top would handle transfers, while 15 kilometres of internal pathways and a tram network would connect the various decks and neighbourhoods.

The amenities list reads like a small country's capital city. On board: a 15,000-seat sports stadium, a water park, a dive-able aquarium, two museums, a symphony hall, a convention centre, nightclubs, a casino, a full-service spa, a shopping mall, a hospital, a bank, offices, and schools covering early childhood through secondary education—with references to post-secondary options as well.

The legal structure is real, even if the vessel isn't. Freedom Cruise Line International, Inc. was incorporated in Florida on February 13, 2018, with CEO Roger Gooch leading a 12-person team and Schopfer Associates handling the architectural design.

For trade observers, the commercial premise is what's interesting. As the city circles the globe, residents would gain ongoing exposure to different regions and ports—creating opportunities for cultural exchange and participation in global commerce as part of everyday life. It's effectively a floating free zone bringing its tax base, workforce, and consumer market to every port it visits.

The catch is delivery. The concept has been promised since the 1990s. Original cost estimates of $6 billion in 1999 had ballooned to $11 billion by 2002—and no hull has ever been laid. Whether 2026 is finally the year capital follows the vision, or whether this remains the most beautifully rendered PowerPoint in maritime history, is anyone's guess. Watch Clip

Follow the $50 Billion Buy-In

Wall Street just bet billions on a small collection of stocks.

And after a volatile first half of 2026, it looks like they’re about to shift even more.

MarketBeat’s updated 10 Best Stocks to Own in 2026 report reveals the 10 names attracting fresh capital right now.

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VIDEO OF THE WEEK

German industry JUST died (it’s WORSE than you think)

Germany's industrial decline is accelerating. Bosch cut 22,000 jobs, ZF 14,000, Continental 7,150, while Thyssenkrupp is selling its steel division. Rising energy and labor costs, heavy regulation, and Chinese competition have weakened manufacturing, leading to foreign acquisitions and growing concerns over Europe's industrial future.

TRADE SNIPPETS

Trump signs executive order tightening rules on US customs importers. The new order raises bonding and "good standing" requirements for importers of record, imposes a 50% minimum penalty floor for customs violations, and subjects foreign importers to heightened entry rules to combat duty evasion.

Mastercard adds stablecoin settlement and weekend payouts to its global network. Mastercard is expanding card settlement options to include intraday, weekend, and holiday windows, plus on-chain settlement using regulated stablecoins like USDC, PYUSD, and RLUSD across multiple blockchain networks.

Laid-off WiseTech staff blocked from joining four key logistics software rivals. After union pressure, WiseTech narrowed its non-compete clause to bar redundant staff from joining Expedient Software, Clear.ai, TradeWindow, or Yojee for 12 months amid its AI-focused restructure.

SpaceX wins FAA approval to test Starfall capsules for in-space manufacturing and orbital cargo return. SpaceX's new Starfall capsules can return 1,000 kg from orbit on Falcon 9 or Starship, enabling commercial in-space manufacturing, rapid Pacific recovery, and point-to-point orbital cargo delivery to Earth.

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SHIPPING NEWS

US-Iran Deal Edges Closer—But the Drones Haven't Stopped

A peace deal to end the Iran war and lift the Hormuz blockade is reportedly close, yet the two sides traded fire again this week—underscoring how fragile the moment is.

Trump says an agreement has been "largely negotiated, subject to finalization" between the US, Iran, and other countries. The framework would formally declare the war's end, reopen the Strait, and lift the US blockade of Iranian ports, followed by talks on Iran's nuclear program.

The operational detail is what matters for shippers. Iran has signaled it would clear mines from the Strait over a 30-day window following a deal, after which vessels from all countries could navigate freely and Iran would stop collecting transit fees. The backlog is staggering: an Iranian official says around 1,550 ships are awaiting clearance to transit, with traffic down 95%.

Markets aren't convinced it'll happen that fast. Traders on prediction platform Kalshi put just a 38% chance that flows return to normal by July 1, though confidence rises to 60% by August 1. Sticking points remain—Iran insists the waterway stays under its control, and Israel fears a limited deal leaves Iran's nuclear stockpile intact.

The violence hasn't paused for diplomacy. On Wednesday, Iran fired four attack drones at a US commercial ship; US forces downed all four and struck a ground control station in Bandar Abbas preparing a fifth. The Revolutionary Guard warned of a "more decisive answer." Until the memorandum is signed and the mines are cleared, the 100-day blockade keeps global shipping in limbo.

Investors see ANOTHER return from Masterworks (!!!!)

That’s 6 sales in 7 months. 29 all time. And the performance?

16.5%, 17.6%, and 17.8%, net annualized returns on sold works held longer than one year (See all 29 at Masterworks.com)

It’s not from stocks, private equity, or real estate… it’s from contemporary and post war art. Crazy, right?

With Masterworks, you don’t need to be a BILLIONAIRE to invest in multi-million dollar art anymore.

Historically, the segment overall has had attractive appreciation and low correlation to stocks.*

Masterworks targets works featuring legends like Banksy, Basquiat, and Picasso, identifying what they believe to have significant long-term appreciation potential, not just at the artist level but at the level of individual artworks.

As one of the largest players in the art market, with $1.3 billion invested over 500 artworks, they pass critical advantages through to their 70,000+ members to add art to their portfolios strategically.

Looking to diversify your investments in 2026?

Click here to skip the waitlist

^{*According to Masterworks data. Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.}

VIDEO OF THE WEEK

The Largest and Most Power Snow Trains in Action

In this video, you’ll see the most powerful snow trains in action, brutal railway machines built to face extreme blizzards, frozen tracks, and mountains buried in ice. From locomotives equipped with massive rotary snowplows to trains powerful enough to push through storms where ordinary vehicles would never survive, each machine shows the incredible strength of railway engineering in frozen environments.

TRADE SNIPPETS

Stord raises $250M to arm independent brands against Amazon's delivery dominance. Logistics startup Stord has raised $250 million at a $3 billion valuation, expanding its 100-warehouse network and deploying AI robotics so smaller brands can match Amazon's next-day delivery speeds.

Chinese EV exports jump 40% in April, with Brazil becoming the top buyer. China's electric vehicle exports surged 40% year-on-year in April to 278,081 units, with shipments to Brazil rocketing 221% to make it the world's largest importer of Chinese EVs.

US fights auto parts firm's bid to claw back tariffs paid after de minimis exemption ended. The Justice Department is opposing Detroit Axle's lawsuit seeking $44 million in refunds on tariffs paid after the de minimis exemption ended, arguing the suspension didn't impose new duties.

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SHIPPING NEWS

US Cracks Down on Chinese "Container Cartel" That Squeezed Global Trade

The US Department of Justice has unveiled one of the most consequential antitrust cases in the history of global shipping. Seven Chinese executives and four of the world's largest shipping container companies have been charged with conspiring to restrict supply and fix prices during the Covid-19 pandemic.

The accused aren't minor players. Together, the four firms manufacture roughly 95% of the world's standard dry shipping containers—the steel boxes that carry the vast majority of global trade. The companies named are Singamas Container Holdings, China International Marine Containers (CIMC), Shanghai Universal Logistics Equipment, and CXIC Group Containers.

According to the indictment, the scheme ran from November 2019 to January 2024. Prosecutors allege the manufacturers coordinated production cuts and pricing to exploit a moment of maximum vulnerability. "We are holding these Chinese bad actors accountable for exploiting the pandemic to fill their own coffers," said Associate Attorney General Stanley Woodward.

The financial impact was staggering. The conspiracy roughly doubled container prices between 2019 and 2021, increasing manufacturer profits approximately one hundredfold. CIMC's container profits alone rose from around $19.8 million in 2019 to $288 million in 2020, then surged to roughly $1.75 billion in 2021. The DOJ says the scheme impacted some $35 billion in international commerce.

Ordinary Americans paid the price. Prosecutors say the defendants held the world's container supply hostage when supply chains needed it most, leaving consumers paying more and waiting longer for goods. So far, only one defendant is in custody: Vick Ma, a Singamas marketing director, arrested in France in April. Six others remain at large. Watch Clip

TOGETHER WITH MONEY (Pet Insurance)

Which type of pet insurance do you need?

Accident & illness policies, accident coverage, and wellness riders all offer varying degrees of protection. Which one do you need? View Money's list of best pet insurance providers of 2026 to find the best fit for you.

VIDEO OF THE WEEK

Biggest Ship Collisions and Mistakes Caught On Camera

Prepare for the most thrilling ocean escapade! Experience epic ship crashes, violent storms, surprise disasters, and heart-pounding sinkings—all in one action-packed video. Hold on tight—every moment is an adrenaline rush!

TRADE SNIPPETS

Japan sets rules to bring foreign stablecoins under its regulatory framework. Japan's FSA will recognise overseas trust-type stablecoins as electronic payment instruments from June 2026, requiring foreign issuers to hold equivalent licences, audit collateral, and submit to cooperative cross-border regulatory oversight.

Indonesia tightens grip on commodity exports, sending mining stocks lower. President Prabowo plans to tighten state control over Indonesia's nickel, copper, palm oil, and coal exports to capture more domestic value, dragging down Jakarta-listed miners and raising global base metal supply concerns.

Hormuz blockade forces UK to soften timeline on Russian oil sanctions. The UK will phase in sanctions banning oil products refined from Russian crude entering via third countries, citing energy market disruption from the Hormuz blockade during the US-Israel war with Iran.

China confirms 200-jet Boeing order and pushes to extend US trade truce. Beijing has confirmed it will buy 200 Boeing jets, its first major order in nearly a decade, while seeking to extend the US tariff truce due to expire this November.

Someone just spent $236,000,000 on a painting. Here’s why it matters for your wallet.

Late last year, a Klimt sold for the highest price ever paid for modern art at auction.

An outlier sure, but it wasn't a fluke. U.S. auction sales grew 23.1% in 2025. The $1-5mm segment even grew 40.8% YoY.

Meanwhile, Apollo’s chief economist Torsten Slok said to expect ‘zero in return in the S&P 500 over the coming decade.’

So, that's where it gets interesting.

Each environment is unique, but after dot-com, post war and contemporary art grew about 24% annually for a decade. After 2008, about 11% for 12 years.

It’s also had near-zero correlation with the S&P 500 since ‘95.*

Now, Masterworks lets you invest in shares of artworks featuring legends like Banksy, Basquiat, and Picasso.

• $1.3 billion invested across over 500 artworks.

• 28 sales to date. 

• Net annualized returns on sold works held 12 months+ like 14.6%, 17.6%, and 17.8%.

Shares can sell quickly, but my subscribers can skip the waitlist:

Skip the waitlist

^{*Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.}

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TRADE NEWS

Trump Lands in Beijing With $16 Trillion of Corporate Firepower

History was made yesterday when Air Force One touched down in Beijing carrying not just a U.S. President, but arguably the most powerful corporate delegation ever assembled on a single trip.

President Trump arrived in Beijing around 7:50 p.m. local time, greeted by Chinese Vice President Han Zheng, a military honour guard, and 300 Chinese children waving American and Chinese flags. It's the first visit by a sitting U.S. president since Trump's own 2017 trip.

The headline isn't the diplomacy—it's the guest list. The CEOs onboard represent a combined market capitalisation of roughly $16.4 trillion—about 3.5 times the size of Alphabet. The roster reads like the index card of the U.S. economy: Apple's Tim Cook, Tesla's Elon Musk, Nvidia's Jensen Huang, Boeing's Kelly Ortberg, Meta's Dina Powell McCormick, Cargill's Brian Sikes, plus executives from BlackRock, Blackstone, Citi, Goldman Sachs, Mastercard, Micron, Qualcomm, and Visa. Huang joined at the last minute, flying to Alaska to board Air Force One after Trump personally called him.

Trump's stated mission is blunt. "I will be asking President Xi to 'open up' China so that these brilliant people can work their magic," he posted en route. The agenda spans tariffs, rare earths, artificial intelligence, the Iran war and Taiwan, with expected announcements on large Chinese orders of American planes and soybeans—"Boeing, beef and beans," as Senator Steve Daines put it.

Markets are already pricing in optimism: Nvidia closed up 2.3%, Micron 4.8%, Tesla 2.7%, and Boeing 1.6% on the news. Whatever emerges from Thursday's bilateral talks, the optics alone mark a generational moment in U.S.-China commerce. Watch Clip

TOGETHER WITH BELAY

If your books only get attention at tax time, it’s already costing you

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VIDEO OF THE WEEK

Unlocking the Power of the World's Largest Oil Tanker

The Supertanker Europe is a true titan of the seas, a 380-meter-long vessel capable of transporting more oil than any other ship on the planet. This episode takes you inside the remarkable engineering that allows this vessel to carry a staggering cargo equivalent to 200 Olympic swimming pools. We also uncover the surprising historical connections, from a secret ship on the Great Lakes to a train with a key to its power, that made this modern marvel possible.

TRADE SNIPPETS

Whey protein shortage sends prices soaring as protein craze grips America. Surging consumer demand for protein-fortified foods, fuelled partly by GLP-1 weight loss drugs, has driven whey prices up over 50% since January, leaving suppliers sold out and manufacturers weighing price hikes.

BYD in talks to take over European car plants from Stellantis and rivals. China's BYD is negotiating to take over underused European factories, including Italian sites, as the world's largest EV maker accelerates regional expansion and legacy carmakers struggle with surplus capacity and Chinese competition.

Tesla Semi's ePTO system could replace diesel generators in refrigerated trucking. Tesla is promoting the Semi's Electric Power Take-Off feature, which powers refrigerated trailers directly from the truck's battery, eliminating diesel generators and cutting emissions, noise, fuel costs, and maintenance for commercial fleets.

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SUPPLY CHAIN NEWS

Amazon Just Did to Supply Chains What AWS Did to Cloud

The supply chain industry is crossing a threshold that has been promised for years but rarely delivered: the world's most sophisticated logistics network is now available to anyone who wants to rent it.

On May 4th, Amazon launched Amazon Supply Chain Services (ASCS), opening its entire portfolio of freight, distribution, fulfillment, and parcel shipping to businesses of all types and sizes. The pitch is deliberately familiar: Amazon is bringing the infrastructure, intelligence, and scale of its supply chain services to businesses everywhere, much like AWS did for cloud computing. The early customer list signals serious intent—Procter & Gamble, 3M, Lands' End, and American Eagle Outfitters have already signed on.

The scale is staggering. Amazon's logistics network includes more than 200 fulfillment centers in the U.S., over 80,000 trailers, 24,000 intermodal containers, and 100 aircraft, delivering 13 billion items annually. Customers gain access to that physical footprint plus AI-powered forecasting, customs clearance, and two-to-five-day delivery speeds—the same engine that powers Amazon.com. The market reaction was immediate. Shares of UPS and FedEx tumbled as Wall Street recognised the obvious: Amazon is moving directly into the $1.3 trillion third-party logistics market.

What makes this a step-change rather than another product launch is the playbook. AWS turned Amazon's internal cloud infrastructure into the backbone of the modern internet. ASCS attempts the same trick with physical goods—turning decades of operational know-how into a utility any business can plug into. For supply chain operators, the question is shifting from how do we build it to should we just rent Amazon's.

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VIDEO OF THE WEEK

USA to JAPAN on a cargo ship | 10 days timelapse

Fun one this week. Timelapse of a voyage from USA to JAPAN on LADEN condition. Glimpse of merchant navy life.

TRADE SNIPPETS

UAE and South Korea launch trade deal slashing tariffs on over 90% of goods. The UAE and South Korea have enacted a Comprehensive Economic Partnership Agreement, Seoul's first with a Mena country, cutting tariffs on 91.2% of traded goods to boost investment, exports, and supply-chain resilience.

Driverless trucks set to deliver food for major US restaurant supply chain. Aurora and Berkshire Hathaway-owned McLane are launching driverless freight runs between Dallas and Houston, transitioning from a successful pilot to commercial autonomous deliveries serving America's biggest restaurant brands across the Sun Belt.

AirAsia signs record A220 deal, the largest single firm order in the jet's history. Malaysia's AirAsia has ordered 150 Airbus A220-300 jets, the biggest single firm order ever for the aircraft, pushing the programme past 1,000 orders and unlocking new ASEAN and Central Asian routes.

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SUPPLY CHAIN NEWS

Robotics and AI Reaching Industrial Scale in Logistics

The logistics industry is crossing a threshold that has been promised for years but rarely delivered: humanoid robots are now arriving in warehouses and sorting centers at genuine commercial scale.

Figure announced this week that it is now building one humanoid robot every hour at its BotQ factory—a 24x jump in production speed in under 120 days. More than 350 of its third-generation Figure 03 robots have already shipped. Just as importantly, the bigger fleet is making the robots smarter: Figure's Helix AI now lets them see the world through onboard cameras, so they can climb stairs and handle uneven floors without any human guidance.

Beijing-based RobotEra is deploying its L7 humanoid across more than ten logistics centers

The race isn't confined to the United States. Beijing-based RobotEra is deploying its L7 humanoid across more than ten logistics centers operated by China Post, SF Express, and other major carriers. Several sites report the robots already operating at over 85% of human-level efficiency, running 24/7. Backed by a recent $200 million raise, RobotEra plans batch deliveries at the thousand-unit scale this quarter, with persistent rumors that UPS is evaluating Figure's robots for similar deployments.

What makes this moment different from previous robotics hype cycles is the convergence of three factors: manufacturing throughput, real-world fleet data, and AI models capable of generalizing across tasks. Every robot Figure ships becomes a data-collection engine that trains the next generation—a flywheel that compounds with every shipped unit.

For supply chain operators wrestling with labor shortages and rising costs, the question is shifting from if to when.

TOGETHER WITH REFILL GENIE

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VIDEO OF THE WEEK

US Removed 45 Million Kilograms of Ocean Plastic

What if one teenager’s underwater shock sparked the biggest ocean plastic cleanup in history? Discover how Boyan Slat and The Ocean Cleanup defied experts and removed over 45 million kilograms of plastic from the world’s oceans and rivers – the incredible aftermath will leave you inspired!

TRADE SNIPPETS

Meta launches USDC payouts for creators using crypto networks. Meta has begun paying creators in stablecoin USDC via Solana and Polygon, marking its return to crypto after four years and expanding digital payments across global creator platforms.

Lithium found in eastern US could replace imports for centuries. New United States Geological Survey research estimates vast lithium reserves across the Appalachian region, potentially replacing US imports for over a century and boosting long-term mineral security.

UAE exits OPEC to boost oil output and take control of its energy future. The United Arab Emirates is leaving OPEC to gain greater control over production levels, allowing it to expand output, prioritise national strategy, and respond more flexibly to global energy market shifts.

Pentagon considers outsourcing warships to Korea and Japan. The Pentagon is exploring building warships with South Korean and Japanese partners to ease delays, cut costs, and rapidly expand naval capacity as the US struggles to keep pace with China’s shipbuilding output.

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TRADE NEWS

US Tariff Refunds: What You Need to Know

In a landmark ruling in February 2026, the Supreme Court found that the International Emergency Economic Powers Act (IEEPA) — the law President Trump had relied on to impose sweeping tariffs — did not grant the president authority to do so, finding that Congress, not the executive, holds power over such taxes. The decision triggered a cascade of lower court orders to reverse course. A judge at the US Court of International Trade subsequently directed US Customs and Border Protection (CBP) to remove the tariffs from affected entries and refund any excess duties collected, along with interest.

The Scale

Court filings show more than 330,000 importers paid duties on over 53 million shipments, totalling roughly $166 billion — making this potentially one of the largest government repayments to businesses in US history.

How It Works

On April 20, CBP launched the first phase of a new claims system — called the Consolidated Administration and Processing of Entries (CAPE) — allowing importers to seek repayment through the Automated Commercial Environment (ACE) portal. Valid refunds will generally be issued within 60 to 90 days after a claim is accepted, though complex cases may take longer.

Will End Consumers See Any Benefit?

Largely, no. Refunds go directly to whoever paid the customs bill — the importer of record. It remains unclear how, or whether, those refunds will trickle down to retailers or shoppers who absorbed higher prices through the supply chain.

A handful of exceptions exist: Costco has indicated it would use refunds to lower prices for consumers, while FedEx has said it would attempt to pass refunds along — though this could invite class-action litigation since the benefitting customers differ from those who originally bore the cost. The broader expectation is that consumers will receive at best indirect relief, with most businesses simply pocketing whatever they can successfully navigate through the refund portal. Watch Clip

TOGETHER WITH PARTICLE

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VIDEO OF THE WEEK

BYD : The biggest SCAM of the car industry ?

For 100 years, the global car industry belonged to Germany, Japan, and the United States. In three years, BYD turned it into a bloodbath. Mercedes down 28%. Porsche lost 92% of its profits in a single year. Volkswagen cutting 50,000 jobs. Stellantis posting a $26 billion loss — its worst in history. And behind every single one of these blows, the same name keeps coming up…BYD...

But the real story of BYD isn't the one you'll read in Harvard case studies. It goes much deeper.

TRADE SNIPPETS

Indonesia eyes tolls on Malacca Strait. Indonesia is considering charging ships to transit the Malacca Strait, inspired by Iran’s Hormuz strategy, raising concerns over costs and control of one of the world’s busiest trade routes.

China backs orbital data centre startup with $8.4B support. China has extended roughly $8.4 billion in credit lines to a space startup developing orbital data centres, signalling strong state backing for space-based computing as part of its broader AI and infrastructure ambitions.

Caterpillar acquires self-driving tractor startup Monarch. Caterpillar has acquired autonomous electric tractor startup Monarch Tractor, gaining its software, electrification systems, and engineering talent to accelerate automation across its machinery portfolio.

UAE asks US for wartime financial lifeline. The United Arab Emirates is in talks with the US for a potential financial backstop—likely a dollar swap line—to protect its economy from the fallout of the Iran war and disruption to oil trade through the Strait of Hormuz.

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TRADE NEWS

Ford & GM Recruited for Weapons 🇺🇸

The Pentagon is in early-stage discussions with major U.S. automakers, including General Motors and Ford Motor Company, about expanding their role in military production—marking a potential shift in how defence supply chains are structured.

The talks centre on leveraging the scale, manufacturing efficiency, and advanced engineering capabilities of commercial carmakers to support weapons and military equipment production. While no formal agreements have been announced, the move reflects growing pressure on traditional defence contractors to meet rising global demand amid ongoing geopolitical tensions.

This wouldn’t be the first time automakers have stepped into defence roles. During World War II, companies like Ford and GM rapidly converted civilian production lines into facilities capable of producing tanks, aircraft, and other military assets. The current discussions echo that model—though with a modern twist, including electric vehicle platforms, autonomous systems, and advanced materials.

From a supply chain perspective, the implications are significant. Automotive manufacturers operate highly optimised, high-volume production systems with deep supplier networks. Integrating these capabilities into defence manufacturing could reduce bottlenecks, increase output speed, and diversify sourcing away from a concentrated group of defence primes.

The trend is not limited to the U.S. In Germany, policymakers and defence leaders have also been in discussions with major automotive groups like Volkswagen and BMW about how their industrial capacity could be redirected or supported in the event of prolonged conflict or supply shortages. This signals a broader shift across Western economies toward reactivating dormant industrial capacity for strategic resilience.

TOGETHER WITH CASH APP

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VIDEO OF THE WEEK

The Broken Economics of Airplanes

See inside an airplane recycling facility in Roswell, New Mexico and discover how plane shortages, supply chain breakdowns, and a tightly regulated aftermarket turned old aircraft into a critical piece of modern aviation.

TRADE SNIPPETS

US blockade of Iranian ports now fully implemented. United States Central Command says a blockade of Iranian ports around the Strait of Hormuz is now fully in place, as Donald Trump signals potential ceasefire talks and claims the war is nearing its end.

Cattle markets break $250 barrier, hit record highs. U.S. live cattle futures have surged past the $250 mark to new all-time highs, driven by historically tight supply and strong beef demand, signalling continued pressure across global protein markets.

Massive fire breaks out at BYD site in Shenzhen. A fire at BYD’s Shenzhen facility was caused by contractors dismantling equipment, igniting insulation materials; no EV or battery involvement was found, and no injuries were reported.

Gulf aluminium giant declares force majeure after Iran strikes. Emirates Global Aluminium has declared force majeure after Iranian strikes disrupted production at its Al Taweelah smelter, tightening global aluminium supply and adding pressure to already strained industrial markets.

Korea’s jet fuel exports to US grounded amid Iran war. South Korea has halted jet fuel exports to the United States as the Iran war disrupts crude supply, tightening global aviation fuel markets and raising pressure on airlines and supply chains.

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The USA performed a high-speed train test in 1966 by literally strapping two jet engines on top of a rail car. It did 183 MPH

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