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Global shipping has been thrown into disarray by attacks from Iran-backed Houthi militants in the Red Sea, adding expenses and travel time to freight companies which will eventually be passed down to American consumers, according to experts who spoke to the Daily Caller News Foundation.
The number of weekly transits traveling through the Suez Canal and Red Sea has dropped 42% over the last two months, with the route typically being responsible for around 12% of global trade, according to the United Nations Conference on Trade and Development. Extra expenses due to the disruptions have led to higher shipping costs across multiple factors for freight companies, which will ultimately be passed down to consumers, leading to higher prices and greater inflation, experts told the DCNF.