A US plan to charge Chinese-built ships millions of dollars in port fees could disrupt global trade even more severely than President Donald Trump’s tariffs, industry officials have warned.
The broad scope of the proposed fee, affecting up to 80 percent of vessels docking at ports on the Atlantic seaboard, could disrupt markets to an even greater degree than recent tariff action.
The proposal is part of President Donald Trump’s efforts to revitalize domestic shipbuilding. It would levy between $1m and $3m on Chinese ships calling at U.S. ports and fees could in some cases reach as high as $3.5m.
Over a third of the global trading fleet has been built by Chinese yards, with U.S.-made vessels accounting for just 0.4 percent. An estimated 83 percent of box carriers calling at U.S. ports last year would have been subject to the fees, with somewhat lower figures for car carriers and crude tankers, at two-thirds and one-third respectively, according to Clarksons Research Services.
Much of the additional cost could be passed on to consumers, several industry executives stated. U.S. inflation remains stubbornly above the Feds target rate of 2 percent.
