The move is part of a broader shift toward international e-commerce and prioritizes growing demand in Singapore for products sourced from overseas.

It’s possible some shipowners will view the Islamic Revolutionary Guard Corps' pronouncement as an opportunity to attempt passage.

With a 55% tariff on any additional volumes, the looming quota fulfillment will likely bring Brazil’s trade with China to a halt. 

Since May 4, nearly 60 vessels across different types sailed into an area off Dubai — an unusually large number.

Acting Attorney General Todd Blanche declined to provide additional details about the probe, but said the agency would seek to move rapidly. 

Project Freedom was set to begin on May 4, with the U.S. military pledging to provide support, including the use of guided-missile destroyers, aircraft and drones.

This new effort does not currently involve U.S. Navy escorts, but rather a coordination process for countries, insurance companies and shipping organizations.

The case is the latest example of how oil traders and shippers are struggling to adjust to the disruption wrought by the near-closure of the Strait of Hormuz.

Trump on May 1 said he would boost levies on cars and trucks from the European Union to 25%.

Shares of Canadian National Railway Co. slumped 6% on April 29, the most in more than five years, after it reported quarterly revenue of C$4.38 billion.