Iran: Shipping Disruptions Continue at Strait of Hormuz
Hostilities in Iran continue to disrupt cargo ship traffic in the region. At the time of this report, cargo ship traffic through the Strait of Hormuz—the key passage connecting the Persian Gulf to the Indian Ocean—remains “effectively halted,” according to Reuters. Beyond the direct effects on shipping—delays, reroutings, and rising costs—the blockage could inflate the cost of goods and services worldwide, due to the strait’s importance as a choke point for oil and gas shipments, as noted by the BBC.
USA: Global Baseline Tariff to Rise to 15% in the Coming Days
On March 4, 2026, US Treasury Secretary Scott Bessent said that the new temporary global import surcharge is expected to rise from 10% to 15% “sometime this week,” according to Reuters.
As noted in the INC’s last tariff update, shortly after the US Supreme Court invalidated most of US President Donald Trump’s tariffs, Trump immediately imposed the 10% worldwide baseline tariff and, shortly thereafter, announced that it would be hiked to 15%. Reuters reported that the US Treasury began collecting the 10% tariff on February 24, 2026. At the time of this report, no official order confirming the increase to 15% has yet been issued.
USA: Federal Court Orders Steps Toward Tariff Refunds; Trump Administration Expected to Appeal
On March 4, 2026, a judge at the US Court of International Trade ordered the US government to take steps towards issuing refunds for tariffs recently struck down by the US Supreme Court, according to the New York Times. The ruling concerns the sweeping tariffs imposed under the International Emergency Economic Powers Act (IEEPA) and could lead to more than US$100 billion in refunds to affected businesses. The Trump administration is expected to appeal the ruling, setting the stage for a potentially prolonged legal battle.
EU: Commission to Provisionally Apply MERCOSUR Trade Deal
European Commission President Ursula von der Leyen announced on February 26, 2026, that the EU would proceed with provisional application of the EU-MERCOSUR trade deal. As noted in a recent INC update, the European Parliament had referred the agreement for review by the EU’s top court, which could potentially significantly delay the finalization of the deal. At the time of this report, Argentina, Uruguay and Brazil had ratified the deal, and Paraguay was expected to follow suit shortly, as noted by Reuters.
Myanmar: Brazilian Brazil Nuts and Peanuts Gain Market Access
The Brazilian government announced in January that it has concluded sanitary negotiations that will allow the export of Brazil nuts and peanuts to Myanmar.
Türkiye: Brazilian Brazil Nuts Gain Market Access
The Brazilian government announced in February that it has concluded negotiations that will allow the export of shelled and in-shell Brazil nuts to Türkiye.