Advisories

U.S.-led military action against Iran is disrupting global supply chains, affecting Middle East airspace, and crippling key trade routes like the Strait of Hormuz. The United States has established a maritime warning zone in the Persian Gulf, Gulf of Oman, North Arabian Sea, and the Strait of Hormuz, effectively halting shipping. Houthi militants in Yemen are threatening retaliation and may resume attacks on commercial shipping in the Red Sea.

Key Effects

• Airlines have suspended flights across the Middle East
• Maritime risk insurance prices will rise significantly
• Oil tanker prices are becoming exorbitant

Following a key Supreme Court decision that invalidated tariffs under the International Emergency Economic Powers Act (IEEPA), the Trump Administration is implementing a new 10% global tariff under Section 122 of the 1974 Trade Act.

• New tariffs take effect February 24^th
• The tariffs can last for up to 150 days
• Goods from Mexico and Canada are excluded due to previous trade agreements.
• The law is unclear about whether the administration could restart the tariffs immediately after the 150 days via another executive order. The U.S. Congress may have to take action to extend them.

IEEPA tariffs will no longer be collected effective February 24, 12:01 am EST. There is currently no operational guidance from U.S. Customs and Border Protection (CBP) regarding IEEPA refunds. Importers should ensure their ACH refund accounts are properly configured with CBP, as this will help prevent delays if/when refunds are authorized.

More information

The U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not provide authority for certain tariff measures imposed under that statute. IEEPA is a national security law that allows the president to regulate economic activity during declared emergencies.

The decision does not affect all existing tariffs, and other trade authorities remain in place. As agencies evaluate next steps, the broader tariff landscape continues to evolve. The court ruling did not indicate how the U.S. government expects to return billions of dollars that it has already collected from importers. 

OIA is actively monitoring these developments and will share practical guidance with shippers as more clarity becomes available.

More information

Two of the world’s top ten container shipping companies will merge, pending shareholder and regulatory approvals. Hapag-Lloyd signed an agreement with ZIM Integrated Shipping Services Ltd., under which Hapag-Lloyd will acquire 100% of ZIM’s shares at USD $35.00 per share, with the total transaction exceeding $4b. The combined business would involve 400+ vessels and >3m TEUs of capacity. 

Learn more

The European Union is suspending tariffs on 93b euros (USD $109.8b) ​of U.S. imports for an additional six ‌months. The extended suspension will apply from February 7^th through August ⁠6^th.

Learn more

Exports from Latin America have surged over the past 12 months, with Brazil, Argentina, Mexico, and Peru all showing a record number of overseas shipments. 

Source: Brazil’s Ministry of Development, Industry and Trade; Banco de México; Central Bank of Chile; Argentina’s National Institute of Statistics and Censuses; Peru’s National Superintendency of Customs and Tax Administration, via Bloomberg. Note: Data for Mexico are year-to-date through November; data for Peru are year-to-date (YTD) through October. 

Full story

The order backlog has now exceeded 17,000 aircraft, which corresponds with nearly 60% of the active fleet and is 11x the number of aircraft that are delivered each year. Production bottlenecks continue to limit freighter availability, driving up costs and utilisation rates.

Source: IATA Sustainability & Economics, Cirium Fleets Analyzer, via Air Cargo News. 

More information

The Trump administration reduced tariffs on India from 25% to 18%, although additional details of the agreement were scarce. India agreed to stop purchasing Russian oil, and the deal is intended to ease trade tensions between the two nations.

More information

A major winter storm will affect more than half of the United States soon, creating hazardous transportation conditions. More than 10 states have declared a state of emergency, and 1,300+ flights have been canceled.

Learn more

The United States Supreme Court issued three new rulings today, but did not rule on the legality of President Donald Trump’s tariffs, which were used as part of the International Emergency Economic Powers Act (IEEPA).

• If the U.S. Supreme Court decides that Trump’s IEEPA tariffs are illegal, companies may be eligible for refund payments, which would likely total tens of billions of dollars.

More information

Starting Feb. 6, 2026, U.S. Customs and Border Protection (CBP) will issue all refunds electronically via Automated Clearing House (ACH), as announced in the Electronic Refunds Interim Final Rule published in the Federal Register. Refunds will only be issued electronically; checks will no longer be mailed, and importers without a proper ACH Refund Account will not be able to receive their refunds. 

The ACE Portal is a centralized platform that connects the trade community with CBP and partner government agencies, providing real-time access to trade transactions and data. The enhanced ACE portal enables secure electronic refunds, faster payments, fewer errors, and creates a simplified process for importers, brokers, and refund recipients. 

More information