Trump Releases US Maritime Revitalisation ‘Action Plan’

27 Feb Trump Releases US Maritime Revitalisation ‘Action Plan’

The Trump administration has released its Maritime Action Plan, which provides a roadmap for the revival of U.S. shipbuilding and other maritime businesses.

The plan calls for establishing maritime prosperity zones to bolster investment, reforming workforce training and education, implementing deregulatory measures, expanding the fleet of U.S.-built and U.S.-flagged commercial ships and establishing a dedicated funding stream through a Maritime Security Trust Fund.

The Maritime Security Trust Fund will be partially funded by taxing foreign-owned vessels calling US ports. It proposes a “universal infrastructure or security fee” that is to be imposed on all foreign-built commercial vessels which will be assessed based on the weight of the imported tonnage carried on the vessel. The plan also includes a separate fee on imports arriving via land, however no specific details have been provided for this to date.

Furthermore, it proposes a Land Port Maintenance Tax, would be an equivalent to the existing Harbor Maintenance Tax for marine ports. This will help fund the planning, design, construction, maintenance and improvement of land port infrastructure.

The action plan also proposes the creation of a Strategic Commercial Fleet (SCF) that would consist of US-built vessels working international trades, which aims to provide the support needed to sustain military logistics around the globe and ensure the continuous flow of goods to the US economy.

FOLLOW US FOR THE LATEST NEWS!

Simply click here to follow our LinkedIn Company Page to stay up-to-date with the latest industry news that may impact your business.