MAKE SHIPBUILDING AMERICAN AGAIN: Trump hails $20 billion investment by shipping firm CMA CGM.
Its CEO Rodolphe Saade, who joined Trump in the Oval Office, confirmed the $20 billion investment and said it was expected to create 10,000 jobs.
The shipping line industry is faced with uncertainty as the Trump administration’s plans for import tariffs and port fees on Chinese-built vessels threaten to shake up maritime trade.
The $20 billion investment over four years would include expansion of container ports and the creation of an air cargo hub in Chicago supported by five new Boeing 777 freighters flown by American pilots, CMA CGM said in a statement.
Saade, a French-Lebanese billionaire who controls CMA CGM with other family members, told Trump at the White House that his group was also looking at supporting building of container ships and would make an announcement “in the coming weeks”.
The company further plans to raise its number of U.S.-flagged vessels to 30 from 10 currently, he added.
This is a very big deal but it’s barely a down payment on what needs to be done.
How about Congress resurrecting the Two-Ocean Navy Act?