Maritime shipping emerged as the latest flashpoint in the US-China trade war.
Both Washington and Beijing on Tuesday began charging new tit-for-tat port fees on each other’s ships; the levies are part of a ballooning economic conflict between the countries that flared up last week, cooled slightly over the weekend, and ramped back up Tuesday. In a move that could further dent ties, China sanctioned five US subsidiaries of a South Korean shipbuilder, alleging they cooperated with Washington’s probe of the Chinese maritime industry.
Global commerce has been under strain this year as companies grapple with a flurry of on-again, off-again trade policies; the new port fees will likely make shipping rates more volatile, analysts said.