Are Houthi attacks doing that much damage to the world economy? | Responsible Statecraft

Are Houthi attacks doing that much damage to the world economy? | Responsible Statecraft In the past two weeks, the U.S. has carried out at least 10 rounds of airstrikes against Yemen’s Houthis, who have responded with more attacks on Red Sea ships. The Biden administration argues that a “sustained campaign” of strikes is now necessary to protect the continued flow of global trade. “These assaults, notably the unprecedented use of anti-ship ballistic missiles, have significantly disrupted the free flow of commerce and navigational rights in one of the globe's most critical waterways,” a senior Pentagon official said Monday. There is some data to support this argument. So far, the Houthis have hijacked one ship and launched at least 34 attacks, none of which have led to casualties or major damage to the vessels. Fully 90% of container ships that would usually travel through the Suez Canal are now going around Africa, according to some analysts. The disruption also led to a 1.3% drop in global trade in December of last year, and uncertainty about Red Sea shipping has made it all the more difficult to get international aid into Sudan. Even China — not exactly a U.S. ally — has called for de-escalation in the Red Sea to get shipping back on track. But do the Houthi attacks really pose a major threat to world trade, as the Biden administration claims? If so, is that a good enough reason to risk further escalation by bombing the Houthis when less risky options are still available?