Last week in an interview with ZBM, I stated that due to US tariffs imposed by President of the United States Donald Trump, that food costs, already far too high, will increase. I mentioned the cost of bread that would increase from $8 to maybe $12 or more.
Well, that is likely to be higher given there is a proposal for hefty fees on Chinese-built vessels entering U.S. ports under a union-supported plan to spur U.S. shipbuilding.
Reuters reported that under the proposal, a vessel owned by Chinese maritime transport operators would pay a port entrance fee of up to $1 million per vessel. The fee for other operators using Chinese-built ships could top out at $1.5 million. Well, the MV Oleander was built in China and there are also potential moves for any non-US built vessel to attract similar fees.
This would have a serious impact on freight costs and therefore all costs from bread to anything imported by ship from the US. To Bermuda. I understand it could mean freight charges on each imported container could move from around $3000 to and additional $10,000 or more.
We have to presume the Bermuda Government is aware of such increases on costs to all Bermudians and Bermuda residents. What is the Government doing about this clear and present danger to our cost of living? Will this mean potential subsidies on freight? Are non-US ports being looked at including Canada, Europe and UK? The people of Bermuda deserve to know.
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