The 25% tariffs on Canadian and Mexican goods, and a separate 10% tariff on all other imports, may cause prices on around a quarter of all consumer spending to rise 0.81% if businesses pass along half the costs, or 1.63% if the costs are fully transferred, according to a Federal Reserve Bank of Atlanta study.

The global ocean shipping industry that handles 80% of world trade is navigating a sea of unknowns as U.S. President Donald Trump stokes trade and geopolitical tensions with historical foes as well as neighbors and allies.