Biden targets tariffs on Chinese built ship-to-shore cranes
US President, Joe Biden has confirmed plans to impose tariffs of 25% on a wide range of goods manufactured in China during 2024, including ship-to-shore (STS) container cranes, electric vehicle (EV) batteries, computer chips and medical products.
These increased tariff rates are part of a broader strategy by the US to seek to “safeguard” American workers, companies, and supply chains.
Yet the timing is pertinent, coming during heightened security concerns for US ports and alleged potential cybersecurity threats connected with port equipment developed and manufactured in China.
A major supplier of STS cranes to the US (and, indeed, on a global basis) is Shanghai Zhenhua Heavy Industries (ZPMC). This is a company with reported close ties to the Chinese Communist Party (CCP) and, therefore, the national government. As a result, ZPMC faces security challenges in the US with fears that its equipment can play a role in terms of spying and espionage.
The decision to impose tariffs follows an Executive Order issued by the Biden administration in February 2024 that includes improvements in maritime cybersecurity and strengthening supply chains. A key part of this initiative is the provision of US$20bn to help facilitate STS crane manufacturing domestically in the US spanning new units and the replacement of existing Chinese-built cranes.
Related Articles
CONCESSIONS & INVESTMENTS