Trump unveils $20 billion CMA CGM investment to revitalise US shipping industry

WASHIGNTON: President Donald Trump has announced that French shipping giant CMA CGM SA plans to invest $20 billion in the United States, aimed at enhancing shipping logistics, infrastructure, and terminals.

This ambitious initiative is expected to generate approximately 10,000 new jobs, as announced during a White House event with CMA CGM’s Chief Executive, Rodolphe Saadé.

Trump emphasised the significance of this investment, stating, “It is so important because it is about shipping. We lost our way for many years. We haven’t done anything. We used to build a ship a day.” He also indicated that he would unveil a new government program for shipbuilding next week in his address to Congress. The president mentioned the establishment of a “new office of shipbuilding in the White House” and the introduction of special tax incentives designed to encourage the revival of this industry within the United States.

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Rodolphe Saadé expressed enthusiasm about the partnership, hinting that CMA CGM is also exploring opportunities to invest in the construction of container vessels and may make further announcements in the coming weeks.

While the specifics of what portion of CMA CGM’s $20 billion commitment constitutes a new investment remain unclear, Trump has previously hosted leaders from major corporations, such as Apple Inc. and SoftBank Group Corp., who had made similar pledges for substantial investments in the US.

This announcement coincided with Trump’s decision to sign an order that partially rolls back tariffs imposed on Canada and Mexico earlier this week. The White House has stated that its goal with these import taxes is to incentivise companies to bring their operations back to the US, a move that has had mixed reactions in the markets.