Morning Business Report: Markets slide as Trump announces Strait of Hormuz shipping fee
President Donald Trump announced the United States will impose a 20% fee on all cargo shipped through the Strait of Hormuz.
(LILAMAX)- President Donald Trump announced the United States will impose a 20% fee on all cargo shipped through the Strait of Hormuz, saying the charge is needed to help cover the cost of a renewed U.S. naval blockade in the region. The announcement follows another round of U.S. strikes on Iran over the weekend, fueling concerns about global oil supplies and inflation. Markets reacted with falling stock prices and higher oil prices.
On Wall Street, stocks closed sharply lower Monday. Technology and artificial intelligence stocks, which had led the market to record highs last week, paced the decline, sending the Nasdaq down 1.5%. Energy stocks were among the few sectors to post gains.
DoorDash’s annual Cheeseburger Index found the most affordable burger-and-fries combo in the country is in Austin, Texas, where the average meal costs $12.94. Laredo, Texas, Lincoln, Nebraska, and Detroit also ranked among the least expensive cities. Anchorage, Alaska, topped the list as the most expensive, with an average combo costing $28.
A separate ranking named Disneyland in Anaheim, California, as America’s least affordable theme park, with a typical visit estimated to cost about $331, including admission, parking and other expenses. Quassy Amusement Park in Connecticut was ranked the most affordable, with an estimated total cost of $76.
And as summer cookout season continues, new research finds some grilling habits are guaranteed to annoy guests. The biggest grilling mistakes include touching someone else’s grill, cutting into meat before it has rested and constantly lifting the grill lid. Nearly half of respondents said the food itself is what brings people together most at a summer barbecue.
