US President Donald Trump has announced a significant investment of $20 billion from French shipping firm CMA CGM to build out shipping logistics and terminals in the United States. The move is part of the administration’s efforts to revive shipbuilding in the country and weaken China’s grip on the sector.
CMA CGM, the world’s third-largest container shipping line, plans to create 10,000 jobs over four years through this investment. The company will also expand its presence in US ports, including New York and Los Angeles, and increase its fleet of vessels flying the American flag.
The deal is seen as a major win for Trump’s administration, which aims to impose a levy on ships linked to China when they call at US ports. CMA CGM CEO Rodolphe Saade confirmed the investment and expressed his company’s support for building container ships in the US.
Trump plans to announce a new program for shipbuilding in the US next week or following week, including incentives, as part of his efforts to increase domestic shipbuilding capacity. The move is expected to bolster US industries and reduce reliance on foreign competitors.
Source: https://www.reuters.com/business/trump-hails-20-bln-investment-by-shipping-firm-cma-cgm-2025-03-06