Trump's Port Tariffs Could Pose Challenges To The US Economy

Trump proposed to impose a surcharge of up to $3 million per Chinese-made ship that docks at US ports to curb China's dominance in maritime commerce and promote the development of domestic US ships. The US Steelworkers Union welcomed this. The Secretary General of the International Chamber of Shipping pointed out at a public hearing that this move could have "unintended consequences" that would disrupt supply chains, increase costs for consumers and exporters, reduce the competitiveness of important industries, and could threaten energy, food and economic security. The International Chamber of Shipping supports strengthening the domestic shipbuilding industry, but urges relevant departments to explore other policies and expresses its willingness to cooperate to develop solutions.