On Thursday, the International Maritime Organization (IMO) voted on the Net-Zero Framework, which combines greenhouse gas limits with fees and subsidies to decarbonize shipping. Donald Trump has strongly opposed this framework, calling it an “unsanctioned global tax regime,” arguing it would raise costs for businesses and consumers. Last Friday, the United States threatened to impose sanctions and other punitive measures on any country that votes in favour of a carbon tax on maritime transport. EMF will provide an in-depth analysis next week as the market reacts.