The US Trade Representative’s proposed Section 301 actions targeting Chinese-built and operated vessels are facing staunch opposition from key stakeholders within the maritime industry.
The proposed fees, as outlined, aim to address concerns over foreign dominance in shipbuilding but are projected to have far-reaching economic repercussions.
The International Chamber of Shipping (ICS), which represents over 80% of the global merchant fleet, has issued a stark warning regarding the proposed measures. According to the ICS, the US initiative could severely disrupt trade flows and escalate consumer prices dramatically.
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