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Attacks against shipping in the Red Sea by Houthis are devastating for global trade and supply chains, already reeling under the impacts of the war in Ukraine and climate change-linked conditions in the Panama Canal, said the UN trade and development body, UNCTAD, on Thursday.
(Bloomberg) -- Two months of missile, drone and hijacking attacks against civilian ships in the Red Sea have caused the biggest diversion of international trade in decades, pushing up costs for shippers as far away as Asia and North America. The disruption is spreading, fueling fears of broader economic fallout. Most Read from BloombergChina Weighs Stock Market Rescue Package Backed by $278 BillionApple Dials Back Car’s Self-Driving Features and Delays Launch to 2028An Isolated Israel Doubles Do
America is discovering that there are few good options for stopping the Houthis.Modern anti-ship weapons are powerful, yet simple enough that a militant group
Repeated rounds of retaliatory strikes by the US and its allies, as well as a multinational naval operation to patrol the waters, haven’t stopped the assaults by the Houthi militants that followed the start of the Israel-Hamas war.
The shipping disruption in the Red Sea is not only a geopolitical risk, but could also lead to another wave of inflation in Western countries