U.S. President Donald Trump's tariffs are curbing global maritime traffic, stagnating the container industry. New trade routes and free trade agreements could stabilize container traffic and provide new momentum for the logistics industry.

Washington

The imposition of high U.S. import tariffs by President Trump has led to significant disruptions in global maritime trade, particularly affecting container shipping, which is responsible for around 80% of world trade. Tariffs ranging from 10% to 50% now apply to imports from countries such as India and the European Union, resulting in a downward revision of the World Trade Organization's global trade growth forecast for 2025 from 2.7% to 0.9%.

The U.S. administration states that the tariffs are intended to boost domestic industry and reduce the trade deficit, which remains substantial with countries like China, Mexico, and India. However, experts warn that the increased costs will be borne by consumers and industries, especially those reliant on imported materials. In response, affected countries are exploring new trade agreements and intra-regional trade to offset losses from reduced U.S. trade.

Trump's tariffs halt maritime transport

Around 80% of global trade moves by sea. The container ship is its defining symbol. Introduced just 70 years ago, it revolutionized how goods are transported. Today, that system faces headwinds. U.S. President Trump has imposed high import tariffs on most countries worldwide. So what does that mean for global trade? It is also the invisible connector between producers and consumers of every single part of what we make use of in our everyday lives. The largest container ships can carry more than 24,000 containers, but they weren't always part of global commerce. American shipping magnate Malcolm McGlean introduced them in 1956. Before that, goods had to be loaded piece by piece as general cargo, a slow, labor-intensive process. Containers enabled just-in-time production. Industrialized nations rely on pre-produced parts from abroad to keep factories running. But this model of international trade is now being tested by new U.S. tariffs. Import tariffs of 25 to 50% now apply to Indian goods entering the U.S., affecting roughly half of all Indian imports. Importers from the European Union face a 15% tariff. I think the consequences for overall container trade in the global economy are quite severe. Because there's no doubt this will impact volumes, whichever way you look at it. The lowest tariff for exports to the U.S. is 10% now. So it will have some dampening effect across the board. The World Trade Organization has revised its global trade growth forecast for 2025 from 2.7% down to just 0.9%. This downward revision reflects the combined impact of newly introduced tariffs and heightened uncertainty affecting trade relations with the United States. The U.S. administration says the tariffs aim to boost domestic growth and industrial production by curbing foreign imports. The U.S. currently runs a significant trade deficit, importing far more than it exports. In 2024, the U.S. trade deficit with China reached 295 billion U.S. dollars. With Mexico, it was over 171 billion, followed by Vietnam, Ireland, Germany, Taiwan and India, which had a deficit of 45.7 billion U.S. dollars. But will the president's strategy work? Will it actually create more jobs in the U.S.? The costs of these imports tariffs will be loaded upon the consumers, plus, of course, those who process the goods, especially the metal industry, of course, with the higher tariffs coming from steel and aluminium. And that will be to the detriment of the U.S. industry, but not to its benefit. So what do fewer import opportunities mean for G20 nations and for the broader global economy? Can they find new markets among themselves? For example, with India, with ASEAN, we have good options basically also with Australia, with Mercosur, which is nearly done. And this could actually compensate about 25% of the losses with the U.S. trade. One path forward could be free trade agreements like Mercosur, which simplify duty-free exchange among Latin American countries, and potentially in the future with the EU. And there are more options. There are still also barriers within the single market in the EU. And so all EU countries could benefit from lowering these informal barriers, basically. And that means like if we increase about 1.1% of intra-EU trade, we can basically compensate for the losses with the U.S. In the meantime, countries will need to work together to keep global trade flowing more freely. Only then will they be able to start to offset shrinking volumes with the U.S.

Israeli planes and tanks pounded areas in eastern Gaza on Thursday (October 30), Palestinian residents and witnesses said, a day after Israel said it remained committed to a U.S.-backed ceasefire despite launching more lethal bombardments in the territory.

Jerusalem

Middle East Conflict

Israel strikes Gaza after asserting commitment to ceasefire

In the Netherlands, the centrist D66 party looks on course to beat the far right in the national election. Exit polls have predicted Rob Jetten's party will claim victory, which could lead him to become the country's youngest ever prime minister.

Amsterdam

Dutch centrist party wins big in election as far right loses support

President Donald Trump ordered the U.S. military on Thursday (October 30) to immediately resume testing nuclear weapons after a gap of 33 years, minutes before beginning a meeting with Chinese President Xi Jinping.

Trump tells Pentagon to resume testing U.S. nuclear weapons

President Trump said he's reached a deal with Chinese President Xi Jinping that could be signed "very soon." Mr. Trump says the U.S. will reduce tariffs on Chinese goods by 10% as China works to reduce the flow of fentanyl.

Global Tariffs

Trump says he's reached a deal with China's Xi

President Trump will hold a bilateral meeting with Chinese President Xi Jinping. This is their first face-to-face since Mr. Trump returned to the White House. Jessi Mitchell anchors this Special Report.

Gyeongju-si

Trump, Xi Jinping meet face-to-face in South Korea over trade

The Bank of Canada made a 25-basis-point cut to its key interest rate while governor Tiff Macklem suggested rates will hold where they are as long as inflation stays in the target range of two per cent.

Ottawa

Bank of Canada cuts key interest rate to 2.25%

After leaving Jamaica with widespread power outages and flooding, Melissa caused fatal flooding in Haiti that has killed 25 people and hit Cuba with a storm surge.

Port-au-Prince

Hurricane Melissa causes floods in Haiti, killing at least 25

Fentanyl production tops the agenda as the U.S. and China discuss curbing exports tied to the deadly opioid crisis.

Fentanyl crackdown central in U.S.-China talks

APEC members face economic uncertainty amid rising US-China rivalry—South Korea prepares for potential fallout from high-stakes talks.

U.S.-China trade tensions leave South Korea navigating APEC fallout

President Putin announced that the Poseidon super torpedo was successfully tested and cannot be intercepted, marking a new stage in Russia’s naval capabilities.

Moscow

Russia says its successfully tested nuclear-capable underwater drone

The Justice Department has put D.C. prosecutors on leave after they submitted a court memo describing those who attacked the Capitol on January 6, 2021 as "rioters." The filing was in a case involving Taylor Taranto, who was part of the Capitol riot and is currently facing unrelated weapons charges.

DOJ sidelines prosecutors over Jan. 6 'rioters' court filing

Sean Grayson, the former Illinois sheriff's deputy who shot and killed Sonya Massey in her home in 2024, was found guilty of second-degree murder.

Illinois

Ex-officer found guilty of murder in Sonya Massey shooting

President Donald Trump is sending America's largest aircraft carrier to the Caribbean to help stop small boats he says are transporting drugs to the U.S. Trump says the U.S. is in "armed conflict" with Venezuelan drug cartels.

U.S. masses more naval forces off coast of Venezuela

The U.S. Federal Reserve announced Wednesday that it will lower its benchmark interest rate by 0.25 percentage points in its second straight cut.

Fed lowers interest rates by 0.25 percentage points

The police operation was one of the most violent in Brazil’s recent history, with human rights organizations calling for investigations into the deaths.

Rio de Janeiro

Raid on Rio drug trafficking gang leaves at least 64 dead

Hurricane Melissa made landfall in Cuba on Wednesday after ripping through Jamaica. CBS News' Jarred Hill has more details.

Havana

Hurricane Melissa makes landfall in Cuba after slamming Jamaica

U.S. President Donald Trump landed in South Korea on Wednesday (October 29) for the final leg of his Asia trip, optimistic about striking a trade war truce with Chinese President Xi Jinping after summit talks with South Korea's Lee Jae Myung.

Busan

Trump lands in South Korea, hopes to strike deal with China's Xi

The U.S. Embassy in Mali is urging all American citizens to leave the country immediately, warning of rising terror threats and a worsening fuel crisis caused by a jihadi blockade.

Bamako

U.S. Embassy urges Americans to leave Mali immediately

Israeli planes launched strikes in Gaza on Tuesday (October 28) after Israel accused the militant group Hamas of violating a ceasefire in the Palestinian territory, marking the latest test of a fragile deal brokered earlier this month by U.S. President Donald Trump.

Israel strikes Gaza after accusing Hamas of violating ceasefire

Nvidia CEO Jensen Huang said on Tuesday (October 28) that the artificial intelligence chip leader will build seven new supercomputers for the U.S. Department of Energy, and said the company has $500 billion in bookings for its AI chips.

Nvidia will build AI supercomputers for U.S. Energy Department

25 states are suing the Trump administration to stop federal food aid from being suspended amid the government shutdown. All but two of those states, Nevada and Vermont, have a democratic governor.

25 states sue Trump administration over SNAP food stamp funding freeze

A federal judge is ordering a top Border Patrol official in charge of operations in Chicago to give nightly reports to the court after agents were accused of potentially violating limits on their arrest and crowd control tactics.

Chicago

Judge admonishes ICE leader in Chicago after violations

The U.S. military struck four more alleged drug vessels on Monday, killing at least 14 people and leaving one survivor. It marks the 11th time in under two months the U.S. has carried out strikes on vessels allegedly trafficking narcotics.

Caracas

Latest U.S. strikes on alleged drug boats kill at least 14 people

Major League Baseball says it's weighing a ban on all prop betting, which is a wager on an individual player or event that isn't necessarily tied to the outcome.

Los Angeles

MLB weighing ban on all prop betting

Israeli Prime Minister Benjamin Netanyahu said he has ordered the military to carry out powerful strikes on the Gaza Strip. This comes after Israel accused Hamas of violating their fragile peace deal by returning the wrong remains of a hostage.

Netanyahu orders strikes on Gaza over wrong hostage remains

Hurricane Melissa, a massive Category 5 storm, made landfall in Jamaica, barreling in from the Atlantic with 185 mph sustained winds, the National Hurricane Center said. CBS News meteorologist Jessica Burch has more.

Kingston

Hurricane Melissa makes landfall in Jamaica

The ASEAN bloc of Southeast Asian nations and China signed an upgrade to their free trade agreement, which includes sections on digital, the green economy and other new industries, Beijing's Commerce Ministry said.

Kuala Lumpur

China and ASEAN, hit by U.S. tariffs, sign upgraded free trade pact

President Trump met with new Japanese Prime Minister Sanae Takaichi on Tuesday and signed a trade agreement that the countries made over the summer. CBS News' Ramy Inocencio has the latest.

Tokyo

Trump touts trade deals with Japan, heaps praise on new prime minister

Argentina's president, Javier Milei's party, has won a decisive victory in Sunday's mid-term elections. The vote is seen as a support for his economic reforms and drastic austerity measures. In recent weeks, U.S. President Donald Trump had pledged a 40-billion-dollar bailout to bolster Argentina's failing economy and had endorsed Milei publicly.

Buenos Aires

Argentine markets jump after Milei party victory

Venezuela is accusing the U.S. of preparing a false flag attack as the U.S. continues to escalate its military presence in the Caribbean after carrying out multiple deadly strikes on boats the Trump administration said were carrying drugs.

Breakdown