Unions push US lawmakers to pass SHIPS Act to secure shipbuilding funding [Yahoo! Finance Canada]
COSCO SHP HLDG UNSP/ADR (CICOY)
NASDAQ:AMEX Investor Relations:
coscointl.com/en_ir_ho.asp
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Source: Yahoo! Finance Canada
secure long-term funding to revive domestic shipbuilding, an effort championed by President Donald Trump and boosted by new port fees on Chinese ships. The United States on October 14 is slated to begin collecting fees on China-linked vessels that visit the nation's seaports. While final rules from the U.S. Trade Representative (USTR) are pending, HSBC analysts recently said China's COSCO Shipping is most exposed with potential port fees of $1.5 billion owed next year. The bipartisan Shipbuilding and Harbor Infrastructure for Prosperity and Security (SHIPS) for America Act introduced in April would establish the Maritime Security Trust to reinvest the port fee proceeds into maritime security and infrastructure projects such as shipyard revitalization. "We urge you to support the SHIPS for America Act and to schedule action," the United Steelworkers, the International Brotherhood of Electrical Workers and three other unions said in a letter to lawmakers on Tuesday. U.S. Senator
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