Israel and Iran’s brief exchange of military strikes – a first since early April – that concluded by Monday did not materially change the status quo in terms of the Iran war impact for the broader ocean freight and logistics markets: higher oil prices putting some upward pressure on freight rates via elevated fuel costs. Likewise, the IRGC threat to close the Bab el-Mandeb Strait via renewed Houthi attacks would not change much for freight if implemented, as the vast majority of container traffic continues to divert away from the Red Sea. The added tension may push back the timeline for a Hormuz reopening, though the White House continues to assert that negotiations are making progress. The USTR has released the results of a Section 301 investigationof forced labor imports to 60 countries and found all had either not legislated or not sufficiently enforced laws meant to bar the entry of goods manufactured using forced labor. The study argues that these imports harm the US and recommends 12.5% tariffs on countries without sufficient prohibitions, and 10% on countries not sufficiently enforcing their laws. This move can be seen as an effort to replace invalidated IEEPA tariffs by the late July expiration date of the current 10% Section 122 global duty, with the next step – a required hearing – slated for July 7th. Despite the fact that this 301 would maintain the same long list of exemptions compiled over the past year, and that tariffs at these levels would be lower than those set under IEEPA for many countries, some are pushing back against the accusation – either on principle or in anticipation of additional tariffs from 301 investigations set to conclude before the end of July as well. Transpacific ocean peak season is well underway, with some observers pointing to frontloading ahead of the approaching tariff deadline as one driver of the early start. And though the Hormuz closure hadn’t caused broad operational changes beyond the Gulf states in the first three mo