The U.S. government has proposed imposing up to $1.5 million in port fees per call on shipping companies using Chinese-built vessels, according to the South China Morning Post. Industry leaders warned the fees would disrupt supply chains, drive up consumer prices, and fail to curb China's dominance in shipbuilding. The World Shipping Council estimated the charges could cost U.S. consumers up to $30 billion annually. The USTR defends the plan as necessary for national security and shipbuilding revitalization, but critics argue it will harm American competitiveness and have far-reaching consequences for global trade.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02US government has proposed imposing up to a $1.5 million import fees per call on shipping companies
00:07using Chinese-built vessels, according to the South China Morning Post.
00:11Industry leaders warn the fees would disrupt supply chains,
00:14drive up consumer prices, and fail to curb China's dominance in shipbuilding.
00:18The World Shipping Council estimated the charges could cost US consumers up to $30 billion annually.
00:24The USTR defends the plan as necessary for national security and shipbuilding revitalization,
00:30but critics argue it will harm American competitiveness
00:32and have far-reaching consequences for global trade.