Global freight shipping costs have climbed to their highest level since Yemen imposed its Red Sea blockade on Israeli-linked shipping, the Financial Times reported, as businesses rush to move goods before a new round of US tariffs takes effect next month.

The sharp increase comes as importers bring forward shipments that would normally be spread across the summer and early autumn, when retailers begin building inventories for Black Friday and Christmas. Instead, businesses are trying to get ahead of Washington’s latest trade measures, driving up demand for cargo space on major routes from Asia to the United States and Europe.

According to data from Freightos, the cost of shipping a 40-foot container from China to the US East Coast reached $7,880 last week, marking a 62% jump from the previous month. Rates from China to the Mediterranean also rose sharply, increasing 47% to $6,431.

Another benchmark, the Platts Container Index, rose 80% in the month to Wednesday, reaching its highest level since April 2022.

The Trump administration is preparing to impose tariffs of at least 10% on dozens of countries beginning in late July, following a probe into forced labor practices. Additional duties on industrial goods are also expected to be announced next month.

Earlier this month, the Office of the US Trade Representative said it planned to target 60 countries accused of failing to prevent imports of goods produced with forced labor. China, the European Union, India, Japan, and the United Kingdom are among the major economies included in the proposal, which would apply tariffs ranging from 10% to 12.5%.

The new measures are being prepared ahead of July 24, when a broader global 10% tariff is set to expire.

“Uncertainty around tariffs and bunker costs has triggered frontloading of cargo, particularly into the US, pushing freight rates sharply higher,” said BIMCO, the world’s largest shipowners’ association.

Michael Aldwell, executive vice-president for sea logistics at Kuehne+Nagel, said companies are “trying and where it makes sense for them to get cargo before that deadline into the US, or at least a portion of their goods.”

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