New tariffs target Chinese shipbuilding to boost US industry
The Trump administration has announced the introduction of tariffs on ships built in China. This decision follows an investigation that found Chinese trade practices restrict American trade. The tariffs aim to reduce China’s dominance in the shipbuilding industry.
The Trump administration's announcement, confirmed by the U.S. Trade Representative, indicates that Chinese trade practices have negatively impacted American trade. According to CNBC, these tariffs seek to diminish China's leading position in the shipbuilding sector and protect the American supply chain.
Initially proposed to be charged for each port, the tariffs will instead be applied once per voyage. This adjustment results from public feedback collected during two days of hearings in March, where more than 300 trade groups expressed concerns.
Shipowners may apply for an exemption if they can provide proof of an order for a ship constructed in the USA.
Only a few exceptions
The tariffs exclude transportation on the Great Lakes, the Caribbean, and journeys to and from U.S. territories. Also exempt are bulk exports like coal or grain and empty ships arriving at ports.
The introduction of these tariffs seeks to bolster the American shipbuilding industry and limit Chinese influence over the world's oceans.
