China's exports have decelerated as the Iran war starts to affect global demand and supply chains, according to Gary Ng, a senior economist for Asia Pacific at French bank Natixis.
"According to my calculations, those first few days cost at least $16 billion. We are spending down munitions at an extraordinarily fast pace-to put it in perspective, we fired more Patriot missiles in the first four days of the Iran war than we have given to Ukraine over the past four years."
Shipping costs have increased by more than 10 percent in the past month due to the US-Israel war on Iran. The 60-day waiver for the Jones Act aimed to lower energy costs but has had little impact on oil prices, which continue to rise amid the ongoing conflict.