US President Donald Trump is expected to sign an executive order that aims to revitalize the country's shipbuilding industry and limit China's global cargo capacity growth, Reuters reported Wednesday, citing three sources familiar with the matter.
Shares of Huntington Ingalls Industries (HII) rose 4.1% and General Dynamics (GD) climbed 2.5% in recent trading.
One of the proposals is to charge fees for docking at US ports on ships that are part of a fleet with Chinese-built or flagged vessels, the report said, citing the draft text of the executive order seen by Reuters.
The White House didn't immediately respond to a request for comment from MT Newswires.
(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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