Trendwatch: Trump says no need for China’s help on Iran as shippers seek way through Hormuz; UAE to invest US $49B to accelerate local industry growth, reduce imports; Iran war sends supply shocks through global aluminum, steel markets

Trump says no need for China’s help on Iran as shippers seek way through Hormuz 

U.S. President Donald Trump has said he does not expect to need China's help to end the war in Iran and ease Tehran's grip on the Strait of Hormuz, in remarks made before he arrived in Beijing on Wednesday for a summit with President Xi Jinping. 

The war is expected to feature in talks between Trump and Xi over the next two days, but Trump downplayed Beijing's potential role in ending the conflict, which has choked off traffic through a key waterway that typically carries about one-fifth of the world's oil supply. 

UAE to invest US $49B to accelerate local industry growth, reduce imports 

The difficulties facing shippers and logistics services providers over the past ten weeks or so in maintaining goods flows to and from the Gulf Co-operation Council (GCC) of nations, as the missiles and drones have rained down and more recently during the uneasy ceasefire, have brought into sharp focus the fragility of the region’s supply chains. 

The United Arab Emirates (UAE), in particular, is being put to the test by economic and geopolitical challenges, the scale of which it has never had to deal with before, and is responding with measures aimed at accelerating its industrial sovereignty and making its supply chains more resilient. 

Iran war sends supply shocks through global aluminum, steel markets 

As the war in Iran drags on, concerns are growing over what Oxford Economics describes as a "systemic, multi-channel supply shock" to the world's aluminum and steel markets. 

According to data released by Oxford Economics on May 11, roughly half of aluminum smelting capacity in the Persian Gulf region is currently offline, representing as much as 5% of the global supply. Those disruptions are also expected to persist for the foreseeable future, given that fully restarting production would take anywhere between six and 12 months in a best case scenario. 

"Given long restart timelines and power constraints, this points to a structural shock," said Oxford Economics lead economist Stephen Hare. "We expect deficits to persist into 2027, with limited scope for offsets elsewhere." 

Port of Los Angeles logs second busiest April on record 

The Port of Los Angeles reported more than 890,000 twenty-foot equivalent units (TEUs) processed in April, representing the second highest mark it's ever recorded for the month. 

In a May 11 briefing, Port of Los Angeles executive director Gene Seroka noted that April was the shipping hub's strongest month so far this year, with the port recording its second highest cargo volumes since August.  

 “Retailers and manufacturers are continuing to move goods despite uncertainty, and based on what we’re seeing in Asia, the next wave of imports — from back-to-school to early holiday merchandise — is already beginning to build," Seroka said. 

Through the first four months of the year, the Port of Los Angeles was 2% of its five-year average for TEUs, and 2% behind last year's pace. As Seroka pointed out, 2025 also represented a significant outlier for cargo movements, given that President Donald Trump's Liberation Day tariff announcement in April had many businesses front-loading shipments to get ahead of deadlines set by the White House. 

Iran widens area it defines as the Strait of Hormuz 

Iran has expanded its definition for the area it considers to be a part of the Strait of Hormuz, having widened it to an operational zone that stretches from the city of Jask along its southeast coast, to Siri Island at the west end of the strait. 

According to Reuters, the new definition expands the zone from 20-30 miles to roughly 200-300 miles, with the Iran Revolutionary Guard Corps Navy stating that it no longer views the strait as a limited area. The move effectively expands the potential conflict area in the strait, creating even more ambiguity for commercial shipping lines already grappling with the threat of military escalation across one of the world’s busiest energy corridors. 

Qatar Airways Cargo enhances global network

Qatar Airways Cargo has expanded its global capacity with the relaunch of Boeing 777 freighters to the Austrian capital city Vienna while adding a second Boeing 777 freighter to Warsaw, the capital and largest city of Poland. The freighter to Vienna will operate on the Doha – Budapest – Vienna – Doha route while the additional Warsaw freighter will operate on the Doha – Budapest – Warsaw – Doha route, unlocking increased cargo capacity. The airline has also enhanced its passenger network, announcing new destinations Caracas, Venezuela, and Bogotá, Colombia, commencing from 22 July 2026.

Qatar Airways is relaunching flights to Helsinki on 15 July 2026 and Tokyo Haneda on 16 July 2026. The airline is also ramping up frequencies across its network starting in May. With these network enhancements, Qatar Airways Cargo is able to offer significant belly hold cargo capacity to key international destinations, in addition to its scheduled freighter services, to better support customer demand and global trade.