italy and spain, among others. this is notjust a us issue, this is an international problem and it deserves an international response. and that s why i m convening a meeting tomorrow, a ministerial meeting, with fellow ministers in the region and beyond, to address this threat. for more on what the shipping disruption might mean for the global economy, i m joined from washington by hung tran, a senior fellow at the atlantic council and former deputy director at the international monetary fund or imf. thank you so much forjoining us on the programme. firstly, if you can explain how important this area is to global trade? important this area is to global trade ? important this area is to global trade? important this area is to ulobaltrade? , ., ., ., global trade? this area of the red sea leading global trade? this area of the red sea leading to global trade? this area of the red sea leading to the - global trade? this area of the red sea leading to the suez l red sea le
havoc to global trade. speaking in bahrain, the us defense secretary lloyd austin said participating countries include the united kingdom, bahrain, canada, france, italy and spain, among others. this is notjust a us issue, this is an international problem and it deserves an international response. and that s why i m convening a meeting tomorrow, a ministerial meeting, with fellow ministers in the region and beyond to address this threat. for more on what the shipping disruption might mean for the global economy, i m joined from washington by hung tran, a senior fellow at the atlantic council and former deputy director at the international monetary fund. this area of the red sea leading to the suez canal is quite important in terms of the volume of trade passing through it. about 12% of global trade passes through the red sea, including 30% of the container shipping. altogether, it accounts for about us$1 trillion per year of trade, so it is quite significant, and a disruption
translation: regarding the reduction in aid, and if that translation: regarding the reduction in aid, and if that has translation: regarding the reduction in aid, and if that has an translation: regarding the reduction in aid, and if that has an impact, - in aid, and if that has an impact, the fact in aid, and if that has an impact, the fact that ukraine didn t have air the the fact that ukraine didn t have air the premises had an impact on the operation in 2023. we don t control the operation in 2023. we don t control the skies, we don t have enough control the skies, we don t have enough ammunition, but that doesn t mean enough ammunition, but that doesn t mean that enough ammunition, but that doesn t mean that we will not find a solution mean that we will not find a solution. but for this, we really need solution. but for this, we really need support, because we simply lack some need support, because we simply lack some weaponry. our correspondentjess
a few hours ago, maersk also announced it will re route some of that red sea vessels around the cape of good hope, on a case by case basis. around 10% of global trade passes through the red sea, that s around 17,000 ships a year. but several major freight companies have now stopped passing through here. instead they are taking much longer route all the way around africa by the cape of good hope. that adds costs and delays. here is the us defence secretary lloyd austin. these attacks are reckless. they are dangerous and they violate international law and so we are taking action to build international coalition to address this threat and i would remind you that this is not just a us issue, this is an international problem and it deserves an international response. well that international response being asked to resolve those concerns? we are nowjoined by russ mould, who is an investment director at aj bell. the question, is it enough? will it work? i the question, is it enough?
This morning. Im boris sanchez. Merry christmas. I hope its been a Magical Christmas morning so far, im amara walker. Just ahead this hour, it started as one familys idea and it grew into a global brand. The inside story behind Elf On A Shelf and whats next for one of the worlds biggest christmas traditions . And the holidays are a big source of joy for so many but they can also bring up sad feels are or painful memories. We have tips to help you deal with the holidays blues coming up. First lets get you caught up on the mornings headlines with whit n whitney wilde. Good morning. We begin with the brutal weather storm keeping its grip on most of the country. At least 22 deaths are blamed on the storm. The weather is causing severe travel headaches. More than 3,400 flights were cancelled yesterday and another 1,200 cancelled so far today. Governor hochul says she will declare of the federal government a declaration of emergency. Paolo has more. Reporter here at ground zero, driving is n