The Trump administration has made huge plans to revitalize U.S. shipbuilding capabilities.
White House documents seen by Reuters show that the United States wants Collect import fees to arrive at ships made in China And provide tax credits to restore the industry – and limit China's control over the $150 billion global marine shipping industry.
President Donald Trump is drafting an executive order that will establish a Maritime Safety Trust as a dedicated source of funding and create shipbuilding incentives by using tax credits, grants and loans.
See also: Vietnam, Thailand's Asian exporters, risk of US tariffs
“The White House is leading the entire administration's efforts to strengthen the offshore industrial base,” the document said.
Jake Sullivan praises
The Republican president's initiative has won rare praise from former President Joe Biden's national security adviser Jake Sullivan, who said decades of unfair trade practices in China have negatively impacted U.S. commercial and military shipbuilding.
“U.S. shipbuilding is crucial to protecting our national and economic security. Now is the time to take action – address the impact of Chinese policies and supplement U.S. maritime capabilities and power,” Sullivan told Reuters.
Over the years, Republican and Democratic lawmakers have warned that China’s dominance on the ocean and the U.S. Navy is ready. The pending executive order appears to be affected by existing recommendations, including legislation with bipartisan support.
Two months after the Biden administration came to the Trump initiative almost One-year survey The demands of steel workers and other unions have found that China adopts unfair policies and practices to dominate the industry.
Michael Wessel, president of the Wessel Group, coordinated the investigation under Section 301 of the Trade Act of 1974, said Trump's announcement was an encouraging step after years of union efforts to revitalize the industry.
“We can still be world industry leaders, but only if we take action,” he said, adding that a range of tools are needed, including investment, tax credits and efforts to strengthen supply chains and workforces.
Trump's national security adviser, former House Republican from Florida, introduced a bill to U.S. Democratic Senator Mark Kelly last year to restore U.S. commercial and military shipbuilding.
The U.S. Trade Representative's Office last month proposed to charge up to $1.5 million for ships built in China entering U.S. ports, as part of its investigation into China's growing dominance of the global shipbuilding, maritime and logistics sectors.
Trump praised a irrelevant deal led by Blackrock on Tuesday to buy most of the $22.8 billion port business of Hong Kong-based CK Hutchison.
this Deal will be a coalition control for key U.S. Panama Canal ports The White House calls for it to be removed from China's ownership.
“My administration will take back the Panama Canal, and we've already started doing that,” Trump told Congress.
Following the reintroduction of bipartisan legislation last month, BlackRock's announcement will require the Secretary of State and Defense Secretary to develop a strategy to oversee China's efforts to establish, buy or own strategic ports.
Other measures in the draft document will guide Elon Musk's government efficiency department to review government procurement procedures, including in the U.S. Navy, increasing wages for nuclear shipyard workers and developing security strategies for the Arctic.
- Jim Pollard's additional editor Reuters
See also:
Trump praises $23 billion Blackstone for buying Hong Kong giants' port
Chinese ships may face substantial fees to enter U.S. ports
US investigation shows that China is unfairly dominant: Source
China says Hong Kong ship accidentally destroyed Baltic air ducts
China's Cosco Transport, Fortescue watches ammonia fuel ship
Transport chaos will be “new normal” in the case of war, climate change
Marine freight charges explode after new Red Sea vessel attack
Japanese, German transport companies still avoid Suez Canal
Transportation companies' charts return to the Red Sea, driven by U.S. military
US says Japanese tanker hit by Iranian drone near India
Freight companies avoid the red sea, hitting Asia – European supply chain
