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To ‘resurrect’ US shipyards, President Trump vows to create Office of US Shipbuilding
President calls for boost to American commercial and military shipbuilding industrial base with tax incentives and creation of Office of US Shipbuilding
In a speech to Congress on 4 March, President Trump vowed to “unleash American energy” by increasing oil and gas leasing and “resurrect the American shipbuilding industry” by providing tax incentives and creating an office of shipbuilding.
“To boost our defence industrial base, we are also going to resurrect American shipbuilding, including commercial shipbuilding and military shipbuilding,” the US President said.
“And for that purpose, I am announcing tonight that we will create a new office of shipbuilding in the White House and offer special tax incentives to bring this industry home to America, where it belongs,” he said.
The announcement came in the same week in which the US President went ahead with plans for tariffs on geographical neighbours Canada and Mexico and raised planned tariffs on China to at least double the 10% rate he imposed in February.
Additionally, according to a report in The Wall Street Journal, a draft executive order from President Trump includes 18 measures to impose fees on Chinese-built ships calling at US ports and establishment of a National Security Council to strengthen the American maritime sector.
Not surprisingly, the American shipbuilding industry were supportive of the creation of an Office of US Shipbuilding. In a social media post, Shipbuilders Council of America president Matthew Paxton said the US shipyard base “stands at the ready to work with the new Office of US Shipbuilding.”
The American Waterways Operators, which represents tug, towboat and barge owners and operators in the US, issued a statement saying, "The American tugboat, towboat and barge industry welcomes President Trump’s focus on American shipbuilding and maritime commerce as a pillar of our nation’s prosperity and security. Strong American shipyards are vital to the domestic supply chain and to the fleet that propels it, and we look forward to working with the President to support these efforts.”
Eastern Shipbuilding Group, which builds both commercial and government vessels, said, "American shipbuilders have a heritage of delivering advanced vessels that power our economy and safeguard our shores."
Last year, the SHIPS Act was filed to boost American shipbuilding and the US-flag, Jones Act fleet.
Oil and gas drilling
Oil and gas development also came into the spotlight during the US President’s speech. Following up on one the first executive orders he signed when he was sworn in on 20 January, Mr Trump reiterated his intention to “drill, baby, drill” as a major focus “to defeat inflation” by rapidly reducing the cost of energy.
The US President declared an energy emergency on his first day in office.
“The previous administration cut oil and gas leases by 95%, slowed pipeline construction to a halt and closed more than 100 power plants,” he told Congressional members in attendance.
President Trump noted the administration is supporting the development of a natural gas pipeline in Alaska. Mr Trump said Japan, South Korea and other nations were looking to invest “trillions of dollars each” in supporting the project.
An executive order signed on 20 January called for expediting the permitting and leasing of energy and natural resource projects in Alaska; and prioritising the development of Alaska’s LNG, including its sale and transport to “other regions of the US and allied nations within the Pacific region.”
Sanctions reprieve for Russia?
A report from Reuters cited unnammed US officials who said that US President Trump is drafting a plan that would potentially offer sanctions relief to Russia.
The report said that the White House asked US State Department and Treasury Department officials to provide "a list of sanctions that could be eased for US officials to discuss with Russian representatives in the coming days".
The relevant sanctions offices within the US government are, according to the report, drafting a sanctions reprieve proposal that would see a lifting of sanctions on "select entities and individuals, including some Russian oligarchs".
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