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.
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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.