The Trump administration is preparing an executive order to revive US shipbuilding and reduce China's control over the global maritime industry, the Wall Street Journal reported late Tuesday, citing a review of a draft summary of the order.
The order reportedly includes 18 measures, such as imposing fees on Chinese-built ships and cranes entering US ports and creating a new office at the National Security Council to strengthen the domestic maritime sector.
Additional measures propose raising wages for nuclear shipyard workers, reviewing government procurement processes, and establishing Maritime Opportunity Zones and a Maritime Security Trust Fund to boost investments, the report said.
The report said that the fees from Chinese ships and cranes would fund these initiatives, adding the draft is subject to change.
White House did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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