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    US-China tit-for-tat port fees threaten trade turmoil at sea

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    Reuters Videos

    <span>STORY: The U.S. and China are charging additional tit-for-tat port fees on ocean shipping firms in the latest escalation of their trade war.</span><span>These charges will affect vessels transporting everything from toys to crude oil.</span><span>China has already begun collecting the fees from ships that are U.S.-owned, operated, built or flagged.</span><span>However, Chinese-built vessels are exempt.</span><span>According to state media, exemptions also apply to empty ships entering Chinese shipyards for repairs.</span><span>Meanwhile, the U.S. will begin collecting its fees on Tuesday. </span><span>Earlier this year, the Trump administration set out a plan to target China-linked ships in a bid to weaken Beijing’s dominance of global shipping and boost American shipbuilding.</span><span>A prior investigation under former President Joe Biden found that China uses unfair practices to control the maritime, logistics, and shipbuilding sectors, clearing the way for the new penalties.</span><span>One analyst said Chinese state-owned shipping giant COSCO could be hit hardest, potentially absorbing nearly half of the estimated $3.2 billion in fees by 2026.</span><span>Despite the turmoil, shares in COSCO rose around 3% in early trading on Tuesday.</span><span>The company announced a plan to buy back shares worth around $210 million to protect its value and reassure investors.</span><span>COSCO did not immediately respond to a Reuters query about the potential impact of the port fees.</span>

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