<span>STORY: The US and China are demanding tit-for-tat additional port fees from ocean carriers amid the latest escalation of their trade war.</span><span>These charges will affect ships carrying everything from toys to crude oil.</span><span>China has already begun collecting fees from US-owned, operated, built or flagged ships.</span><span>However, Chinese-made ships are exempt.</span><span>Exemptions also apply to empty ships entering Chinese shipyards for repairs, according to state media.</span><span>Meanwhile, the US will begin collecting wages on Tuesday. </span><span>Earlier this year, the Trump administration laid out a plan to target China-linked ships in an effort to weaken Beijing’s dominance of global shipping and promote American shipbuilding.</span><span>A previous investigation under former President Joe Biden found that China used unfair practices to control the shipping, logistics and shipbuilding industries, paving the way for new penalties.</span><span>Chinese state-owned shipping giant COSCO could be hit the hardest, with the potential to account for nearly half of the estimated $3.2 billion in wages by 2026, one analyst said.</span><span>Despite the turmoil, COSCO shares rose around 3% in early trading Tuesday.</span><span>The company announced a plan to buy back shares worth approximately $210 million to preserve its value and reassure investors.</span><span>COSCO did not immediately respond to a Reuters question about the potential impact of port fees.</span>
