Takaichi announced the initiative at a regional forum that included Japan and major Southeast Asian economies such as Thailand, Vietnam, the Philippines and Malaysia.

China is fighting back against what it sees as rising protectionism in the West.

India is among the economies most exposed to the war in the Middle East, importing about 90% of its crude oil and more than half of its liquefied petroleum gas.

One thing is clear: Tariffs are being used not merely as a punitive measure but as a negotiating tool.

Economists say impacts from the prolonged Iran war could reduce global demand for Chinese exports going forward.

Under the IMF’s “severe” scenario, global growth would struggle to stay above 2%, and inflation would rise to 5.8% in 2026, and 6.1% in 2027.

No vessels made it through the blockade, which is made up of more than a dozen warships and 10,000 service personnel, according to CentCom.

Importers and authorized brokers should anticipate that valid IEEPA refunds will generally be issued within 60-90 days following acceptance of the CAPE Declaration, CBP said.

Between January and March 2026, POLA handled 2.4 million TEUs, down 5% from last year.

U.S. Centcom added more confusion by sending a note to seafarers saying the blockade would only be enforced in waters east of the strait of Hormuz.