The shipping industry handles 80-90 per cent of global trade in goods and has been the backbone of the ‘third wave’ of globalisation that started in 1980s.
This is the latest phase in the US-China technology competition, which now spans supply chain law, export controls, labour compliance, and semiconductor access.
American objectives are unmet. They neither have muscle nor motivation to resume the war. As for Iran, the regime didn’t just survive, it’s now led by more radical individuals.
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