Niche ocean carrier Atlantic Container Line is warning the fines the U.S. government is considering hitting Chinese-built freight vessels with would force it to leave the United States and throw the global supply chain out of balance, potentially fueling freight rates not seen since Covid.
“This hits American exporters and importers worse than anybody else,” said Andrew Abbott, CEO of ACL. “If this happens, we’re out of business and we’re going to have to shut down.”
The United States Trade Representative held its second day of this week’s hearings on the fines that would be levied under Section 301 of U.S. trade law on Wednesday, with over 300 trade groups and other interested parties warning the government across comments letters and in testimony that the U.S. is no position to win an economic war that places ocean carriers using Chinese-made vessels in the middle. Soon, Chinese-made vessels will represents 98% of the trade ships on the world’s oceans.
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