Antwerp Court of Appeal President Bart Willocx warned that Belgium has become increasingly vulnerable to drug smuggling at its busiest shipping hubs.

Companies remain caught between a court ruling that invalidated the tariffs, and a government that has yet to fully acknowledge how it intends to unwind them. 

 Marine Traffic estimates that tanker transits through the Strait of Hormuz were down by 90% between February 25 and March 4.

President Donald Trump had previously vowed to offer insurance guarantees and possible U.S. Navy escorts to oil tankers transiting the Strait of Hormuz.

Transport through the Strait of Hormuz remains at a near standstill as the Middle East war disrupts the vital waterway.

The trip still depends on navigation in the crucial Strait of Hormuz, which is effectively closed for commercial ships.

New import bookings have collapsed while cancellations spike, reports Dun & Bradstreet.

If hostilities persist for another 10 days, buyback options may no longer be available.

The ruling provides long-awaited clarity for businesses, given that the Supreme Court did not address the issue of refunds when it overturned the levies.

The two leaders also agreed to expand cooperation in new areas of growth, such as shipbuilding, nuclear power, supply chain and artificial intelligence.