<span>STORY: The United States and China are charging additional port fees in retaliation for shipping companies in the latest escalation of their trade war.</span><span>These charges will affect ships that transport everything from toys to crude oil.</span><span>China has already started charging tariffs on ships owned, operated, built or flagged by the United States.</span><span>However, vessels built in China are exempt.</span><span>According to state media, the exemptions also apply to empty ships entering Chinese shipyards for repairs.</span><span>Meanwhile, the United States will begin collecting its tariffs on Tuesday. </span><span>Earlier this year, the Trump administration laid out a plan to attack China-linked ships in a bid to weaken Beijing’s stranglehold on global shipping and boost American shipbuilding.</span><span>An earlier investigation by former President Joe Biden found that China uses unfair practices to control the maritime, logistics and shipbuilding sectors, clearing the way for new sanctions.</span><span>One analyst said Chinese state shipping giant COSCO could be the hardest hit, potentially absorbing almost half of the estimated $3.2 billion in tariffs by 2026.</span><span>Despite the turmoil, COSCO shares rose about 3% in early trading Tuesday.</span><span>The company announced a plan to buy back shares worth about $210 million to protect its value and reassure investors.</span><span>COSCO did not immediately respond to a Reuters question about the potential impact of port fees.</span>
