Global trade is facing even more turmoil with a severe drought that began last year forcing authorities to slash ship transits by 36% in the Panama Canal, one of the world's most important trade routes.The new cuts announced on Wednesday by authorities in Panama are set to deal an even greater economic blow than previously expected, amid a crisis in the Red Sea that is already wreaking havoc on global trade between and Europe.Panama Canal administrators now estimate that dipping water levels could cost them between £395 million and £551 million in 2024.
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