The era of unhindered "freedom of navigation" is coming to a close. As critical maritime chokepoints—such as the Strait of Hormuz, the Bab el-Mandeb Strait, and the Malacca Strait—are increasingly weaponized by both state and non-state actors with asymmetric capabilities, global trade rules are rapidly fracturing. This report explores how these geographical vulnerabilities are transitioning from global public goods into toll gates of geopolitical extortion.

Driven by physical blockades, exorbitant transit fees, and surging insurance premiums, a permanent "stealth tariff" has been embedded into the global logistics network. This disruption is forcing a fundamental paradigm shift for multinational corporations: abandoning the traditional "Just-in-Time" efficiency model in favor of a highly redundant "Just-in-Case" supply chain.

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