In this article HLAG-DEMAERSK.B-DK Follow your favorite stocks CREATE FREE ACCOUNTA ship transits the Suez Canal towards the Red Sea on January 10, 2024 in Ismailia, Egypt.
Sayed Hassan | Getty ImagesU.S. shipping costs are spiking as attacks in the Red Sea disrupt global trade, raising fears that inflation might pick up again if the disruption persists.
But the Red Sea crisis is now having a significant impact further afield with shipping costs between Asia and the U.S also spiking.
Shipping rates from North Asia to the U.S. East Coast have jumped 137% to $5,100 for a 40-foot container from early October, according to S&P Global.
JPMorgan told clients on Tuesday that the fight against inflation could stall in the coming months if shipping costs push the price of goods higher.
Persons:
Sayed Hassan, John Kirby, Kirby, Biden, Chris Rogers, Mark Hopkins, we're, Hopkins, It's, Balika Sonthalia, Sonthalia
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Getty, P Global Market Intelligence, P, U.S ., U.S . East Coast, U.S . West Coast, JPMorgan, Federal Reserve, . National Security, White, Moody's, CNBC, Kearney, The New, The New York Federal, HSBC
Locations:
Suez, Ismailia, Egypt, South Africa, Asia, Europe, North Asia, Israel, U.S, U.S . East, U.S . West, The New York, Panama