RT reported that global sea freight rates have risen to their highest level in two years ahead of the US introducing new tariffs.
Citing information from the digital transportation platform Freightos, fares 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.
Accordingly, the transportation cost of a standard 40-foot container (12.9m long, 2.44m wide and 2.59m high) from China to the US East Coast has skyrocketed to $7,880, 62% higher than a month earlier. Costs for similar shipments between China and the Mediterranean increased by 47% to $6,431.
Previously, the US was expected to impose new tariffs of 10% or 12.5% on products from about 60 countries in July. This decision was made after an investigation launched in March into regulations in these countries related to the import of goods manufactured by forced labor.
The investigation was initiated under Section 301 of the 1974 Commercial Act. This provision gives the US president the power to take all necessary measures to deal with what the US considers restrictions that other countries impose on US trade activities.
