Trump’s second term comes amid a landscape of profound trade and security challenges that contributing to global supply chain disruptions. In the Red Sea, Houthi attacks on shipping routes add to the risks already burdening the industry, as vessels face costly detours around conflict zones. Meanwhile, China’s increasingly assertive claims in the South China Sea threaten the safety of shipping lanes vital to global commerce. The ongoing war in Ukraine, too, continues to impact grain shipments out of the Black Sea, limiting exports and contributing to volatile food prices. Adding to the mix is the ongoing drought in the Panama Canal, which has reduced the canal’s transit capacity, forcing ships to find alternative, often longer routes, and compounding costs.