The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF (http://bit.ly/3vTiACF).
President Donald Trump reinstated the US blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement on all other cargo shipped through the waterway.
Trump’s announcement Monday, in which he asserted the US would become the waterway’s “GUARDIAN,” intensifies an ongoing spat between Washington and Tehran over the status of the crucial shipping passage at the center of the two nations’ revived conflict.
US military forces will resume blockading traffic to and from Iranian ports and coastal areas beginning July 14 at 4 p.m. New York time, Central Command said in a statement.
Oil prices rose more than 9% Monday as traders rushed to price in flows through Hormuz possibly slowing again, while stocks and bonds fell.
On this episode, Carol Massar and Tim Stenovec speak with:
Rockford Weitz Professor of Practice in Maritime Studies at The Fletcher School at Tufts University
Ian King, Bloomberg News US Semiconductor Reporter on SK Hynix, TSMC, chip trade
Roger Crandall, CEO, Mass Mutual
Erik Wasson, Bloomberg News Congressional Reporter on Graham Death Sets Up Succession Drama in South Carolina
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Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.
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