Trump signs US shipbuilding executive order, seeks to revitalize industry

Trump, speaking in the Oval Office, said the United States would be spending "a lot of money on shipbuilding" to restore American capacity in the sector.

"We're way, way, way behind," he told reporters. "We used to build a ship a day, and now we don't do a ship a year, practically, and we have the capacity to do it."

The order said recent data showed the United States built less than one per cent of commercial ships globally, while China built about half, an increase from just five per cent in 1999, according to the Center for Strategic and International Studies.

Trump's order called for creation of a maritime security trust fund to provide reliable funding for programs aimed at shoring up US maritime capacity, including consideration of potential new or existing tariff revenue, fines, fees, or tax revenue.