1026 GMT - New U.S. Secretary of Commerce Howard Lutnick said President Trump plans to impose taxes on foreign-flagged vessels calling at U.S. ports. "Have you ever seen a cruise ship with an American flag? They have flags of Liberia or Panama. None of them pay taxes. Every supertanker. This is going to end under Donald Trump," Lutnick told Fox News on Thursday. His comments hit shares of Carnival, Royal Caribbean, Norwegian and Viking, losing 5% on average, which that analysts described as a "massive overreaction". Ships are not governed by a single-country's tax regime as they operate in international waters and past moves by the U.S. and other countries to change the regulation have failed. (costas.paris@wsj.com)
(END) Dow Jones Newswires
February 21, 2025 05:27 ET (10:27 GMT)
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