French container ship reportedly passes through Strait of Hormuz

This episode of World Business Express from the BBC World Service covers a pivotal development in global shipping: a French-owned cargo ship, operated by CMA CGM, reportedly successfully passed through the Strait of Hormuz—the first Western vessel to do so since the start of the Middle East War. The transit is seen as a potential turning point, offering cautious optimism for global trade, though uncertainty remains over Iran's stance and the safety of maritime routes. The episode also highlights escalating tensions in the Gulf, including drone attacks on an oil refinery in Kuwait, a targeted tanker incident near Dubai, and a temporary suspension of gas production in Abu Dhabi. These disruptions, combined with the closure of the Strait of Hormuz—a critical artery for nearly 20% of global oil trade—have intensified fears of supply shocks and rising energy prices. Meanwhile, economic data from the US shows stronger-than-expected job growth in March, with 178,000 new jobs added and unemployment falling to 4.3%. On the policy front, Donald Trump announced a controversial 100% tariff on imported medicines unless companies invest in the US and align pricing with domestic markets, though exemptions and negotiation windows offer some relief. A new unified tariff system for steel, aluminum, and copper has also been introduced, simplifying but potentially increasing trade barriers. Finally, despite a 70% drop in cocoa prices, Easter egg prices have risen in both the US and UK due to supply chain lags, though analysts predict relief later in the year.