The US State Department has declared a new trade war on all countries that vote in favour of the new Net Zero Framework (NZF), the latest package of measures presented in April that is to be formally adopted this week at IMO’s Maritime Environment Protection Committee’s Extraordinary Session.
The White House disapproves of the regulatory framework because it introduces a global carbon tax for the first time ever, with an economic impact that the Trump administration believes could be disastrous. Initial estimates predict an increase in shipping costs of up to 10% or more.
In a press release, the US states that it will not accept any international environmental agreement that places an undue or unfair burden on the United States or harms the interests of the American people.
“The NZF proposal poses significant risks to the global economy and subjects not just Americans, but all IMO member states to an unsanctioned global tax regime that levies punitive and regressive financial penalties, which could be avoided,” says the US administration, which threatens to raise the stakes against anyone who votes in favour of the NZF.
Among the measures under consideration are blocking access to US ports for all ships registered in countries supporting the new Net Zero Framework, or imposing trade sanctions arising from current contracts between these countries and the US government, including new commercial ships, terminals and liquefied natural gas infrastructure.
There are plans to impose additional port levies on ships owned or operated by countries that support the framework or flying their flag, and to consider sanctions against officials who sponsor climate policies promoted by activists that could put a financial burden on American consumers.
“If actually implemented some of these can have significant disruptive effects on US supply chains.,’ says Lars Jensen, CEO of Vespucci Maritime, in a LinkedIn post. According to Jensen, imposing taxes or restrictions on ships or shipping will only increase the cost of shipments to and from the United States, thereby placing the financial burden on US exporters and importers.
According to the expert analyst, by doing so, the US is behaving like someone who decides to cut off their nose to spite their face.
Translation by Giles Foster
