ZPMC cranes being delivered to the Vizhinjam Port in IndiaThe United States will raise tariffs on about USD18 billion of Chinese imports, including ship-to-shore (STS) cranes, in a move that is likely to increase the domestic price of STS cranes made by Shanghai Zhenhua Port Machinery Company (ZPMC) and Konecranes.
US President Joe Biden says the tariff increases will “protect American workers and American companies from China’s unfair trade practices”.
The new section 301 tariffs schedule issued by the White House include an increase to 25% from 0% on Chinese manufactured STS cranes due for delivery this year, as well as increases in import taxes on battery parts, electric vehicles, steel and aluminium products and solar cells.
“Today I’m announcing new tariffs in key sectors of the economy that are going to ensure that our workers are not held back by unfair trade practices,” Biden says.
In February the US government announced it would spend USD20 billion replacing Chinese STS container cranes believed to be a cybersecurity risk.
As part of the initiative, Paceco Corp, a US-based subsidiary of Japan’s Mitsui, will begin manufacturing STS cranes in the US.
ZPMC has denied its cranes present a cybersecurity threat to ports.
This week ZPMC announced its fleet of vessels had delivered cranes to ports in India, the Philippines, Turkey, Sri Lanka, the United Kingdom and Oman.