Trump plans executive order to strengthen U.S. shipbuilding, which China dominates
LOS ANGELES, March 5 (Reuters) - U.S. President Donald Trump is drafting an executive order aimed at resuscitating domestic shipbuilding and reducing China's grip on the global ocean shipping industry that handles more than 80% of global trade.
A draft fact sheet seen by Reuters on Wednesday includes an 18-point plan that includes funding the effort with fees from imports arriving on Chinese-made ships. It would also establish a Maritime Security Trust Fund as a dedicated funding source and create shipbuilding incentives that include tax credits, grants and loans.
"The White House is standing up an office at the National Security Council to lead a whole-of-government effort to strengthen the maritime industrial base," the document said.
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