The U.S. is one week away from imposing port fees on certain vessels with links to China, a move expected to cost the top 10 carriers $3.2 billion next year as President
The U.S. is one week away from imposing port fees on certain vessels with links to China, a move expected to cost the top 10 carriers $3.2 billion next year as President Donald Trump seeks to address China's growing dominance on the high seas.
"While some observers believe the October 14 deadline may be extended - or even scrapped - as part of broader negotiations, the uncertainty has already unsettled carriers, adding another layer of geopolitical risk to fleet deployment strategies," S&P said in a report this week.
Trump's administration said fees imposed on ships built, owned or operated by Chinese entities will help pay to revive U.S. shipbuilding. A law to direct that long-term funding is making its way through the U.S. Congress with strong bipartisan support.
In an update late last week, the U.S. Trade Representative put ship owners on notice that they, not the agency, are responsible for establishing if the fees apply.
"The burden for determining if a vessel owes the fee is on the operator, NOT CBP," USTR said.
It also said fees must be paid through the Department of the Treasury's Pay.gov website, not at the port of entry.
Vessels owned or operated by
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