China tariffs impact development
The Port of Virginia has said the US Government’s proposed tariff on Chinese-made gantry cranes could increase costs for a planned terminal expansion.
Port CEO John Reinhart said in a statement that a 10 to 25% tariff proposed by the Trump Administration could make its development plans more expensive, according to The Republic.
Four large US$40m gantry cranes that will help load and unload shipping containers were ordered by the port last year and are due to be delivered from China next year.
A 25% tariff could mean a US$10m cost increase with the effect of delaying the project’s completion.
Reinhart shared the information last week with the Office of the United States Trade Representative (USTR). The office is in the midst of holding public hearings for proposed tariffs on about US$200bn worth of Chinese products.
The American Association of Port Authorities (AAPA) is set to request USTR to consider that the multi-million-dollar container cranes that US ports have on order and are considering purchasing from Chinese factories, in which there are no American-made alternatives, be exempt from proposed tariffs.
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