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Trump to create office of shipbuilding, offer tax incentives

  • President Donald Trump announced the creation of a White House Office of Shipbuilding and plans to offer tax incentives to boost the U.S. Shipbuilding industry during an address to Congress.
  • Matthew Paxton, president of the Shipbuilders Council of America, expressed support for the new office, stating it will help meet national defense demands and create jobs.
  • China's shipbuilding dominance, controlling over 50% of the global market, has prompted the U.S. To consider imposing fees on Chinese shipping companies.
  • Virginia's shipbuilding industry may benefit from Trump's plan, as it could lead to increased contracts and job opportunities at companies like Huntington Ingalls Industries.
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Wall Street Journal broke the news in New York, United States on Wednesday, March 5, 2025.
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