Trump's Shipbuilding Plan Could Upend Ocean Cargo Industry, Companies Warn
The levies could hit virtually every ship calling at U.S. ports, foist up to $30 billion of annual costs on American consumers and double the cost of shipping U.S. exports, according to the World Shipping Council (WSC), which represents the liner shipping industry. Trump's administration aims to pay for an American shipbuilding comeback with help from potentially hefty port fees on Chinese-built vessels as well as ships from fleets with China-made vessels. This policy could have far-reaching consequences for global trade and consumer prices.
- The unintended consequences of Trump's pro-U.S. policies, such as the proposed port fees, may ultimately harm the very industries they aim to support.
- Will the United States be able to strike a balance between promoting domestic shipbuilding interests and minimizing the economic disruption caused by these new regulations?