Port: Proposed tariff on Chinese cranes could hurt expansion
NORFOLK, Va. (AP) — The Port of Virginia says the Trump Administration’s proposed tariff on Chinese-made gantry cranes could hamper a major expansion project.
Port CEO John Reinhart said in a statement Friday that a 10 to 25 percent tariff could increase costs for expanding one of its terminals.
The port approved spending $40 million last year for four massive gantry cranes that will help load and unload shipping containers. They’re supposed to be delivered from China next year.
A 25 percent tariff could mean a $10 million cost increase. That kind of budget overrun could delay the project’s completion.
Reinhart shared the information Friday with the Office of the United States Trade Representative. The office is in the midst of holding public hearings for proposed tariffs on about $200 billion worth of Chinese products.