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Straits Times
12-05-2025
- Business
- Straits Times
US Virgin Islands involved in US international ship registry proposal, governor says
A yacht transport ship sits in the harbor of Charlotte Amalie on the island of St Thomas in the U.S. Virgin Islands, May 16, 2019. REUTERS/Lucas Jackson/File Photo LONDON - The U.S. Virgin Islands (USVI) is involved in a proposal that aims to create a US international ship registry domiciled in the U.S. territory, the island's governor said. President Donald Trump's administration is considering the proposal as part of efforts to enlarge the tiny commercial shipping fleet flying the American flag, sources familiar with the matter told Reuters last week. Using the USVI could be the most efficient way to "strengthen American maritime posture" because the island territory could provide a U.S.-controlled flag without the costly restrictions associated with a straight U.S. flag registration, according to Eric Dawicki, president of the Center for Ocean Policy and Economics research body, which submitted the proposal to U.S. officials. "We have been working with Eric R. Dawicki on this project for a while now. This is an innovative solution to strengthen American shipping," USVI Governor Albert Bryan Jr. said in a LinkedIn post on Saturday. Bryan's office did not immediately respond to a request for comment on Monday. Increasing the number of U.S.-flagged vessels is important for Trump's administration because it would enhance the ability of the U.S. commercial shipping fleet to provide logistical support for the military in time of war, and ease Washington's dependence on foreign ships to transport supplies and equipment across sea lanes. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
New York Times
07-03-2025
- Business
- New York Times
A Tariff Tantrum: the Upheaval from Trump's Trade Policies
Image The S&P 500 is on pace for its worst week in two years as tariff tensions intensify. Credit... Lucas Jackson/Reuters The markets have spoken. The S&P 500 is on track for its worst weekly loss since the collapse of the Silicon Valley Bank crisis two years ago. And investors have wiped out post-Election Day gains as President Trump's dizzying start-stop tariff policy fuels volatility on trading floors and in boardrooms. Another test comes this morning with the jobs report due out at 8:30 a.m. Eastern. It's expected to show solid growth in hiring even as federal workers brace for mass layoffs. Economic alarm bells are ringing elsewhere. Mohamed El-Erian and Ed Yardeni, two longtime market watchers, see a downturn in the making, with Yardeni warning of a 'tariff-induced recession.' Those jitters are colliding with concerns about shifting White House policy. Maximalist moves — freezing funding, axing government jobs, engaging in a trade war — that get rolled back have made it tough for world leaders and corporate chiefs to decipher Trump's end game. Jim Farley, Ford's C.E.O., sees only 'costs and chaos' from tariffs. A recap: Trump yesterday gave Mexico and Canada a partial tariff reprieve — exempting levies for one month on products covered by the U.S.-Mexico-Canada Agreement, the trade pact Trump signed in his first term. Presumably, that buys time to negotiate a truce, though Trump and his trade team have signaled they're not willing to budge much. Traders still hit the sell button. Trump, who has long cited stock market rallies as a sign his policies are working, blamed 'globalists' for tanking stocks. 'I'm not even looking at the market, because long term the United States will be very strong with what is happening here,' he told reporters in the Oval Office yesterday. Tariffs and tensions are up. Trump's levies on aluminum and steel are to go into effect next week, and next month could bring tariffs on agricultural products and automobiles. Prime Minister Justin Trudeau of Canada upped the ante, announcing countermeasures on U.S. imports and ominously predicting: 'We will continue to be in a trade war that was launched by the United States for the foreseeable future.' Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times. Thank you for your patience while we verify access. Already a subscriber? Log in. Want all of The Times? Subscribe.
