The new executive order dovetails with a proposal by the U.S. Trade Representative to charge million-dollar fees on Chinese-built ships upon entry to a U.S. port.

While the U.S. is economically and diplomatically powerful, the country’s fleet of commercial ships is relatively small. 

Pharmaceuticals have so far been exempted from the levies, but on April 8, Trump said he would announce a large tariff on drugs imports “very shortly.”

Connor Lokar, senior forecaster at ITR Economics, weighs the prospects of a recession resulting from the Trump administration’s latest round of tariffs — as well as the probability of a Great Depression occurring in the next decade.

In an ideal world, every shipment moves seamlessly, capacity is easy to find, every mode runs on time, and there are no disruptions. But we don’t live in an ideal world.

China has taken the hardest stance against Trump's tariffs of any country, with no indications that it plans to back down in the weeks to come.

The agreement could require all ships to pay a charge based on the greenhouse gases they emit, seen as a crucial source of funding for poor countries.

The best way to handle rapid change is to stay as informed as possible — both in terms of current market trends and possible changes — in order to run multiple, complex what-if scenarios.

Unless the EU comes to an arrangement with the U.S., 20% tariffs against the bloc will come into force on April 9.

Although Trump had been outspoken in his opposition to the deal in the lead-up to the November 2024 election, his stance has softened since he's taken office.