The one thing folks in DC seem to agree on these days is the need to stay ahead of peer competition with China and the danger an ascendant China poses for US economic and national security. Since China entered into the World Trade Organization, its economy and its military capability have grown in leaps and bounds. While US shipbuilding capacity has largely atrophied to the point of producing only Jones Act and US military vessels required by law to be built in the US, it has become increasingly difficult to find economically competitive shipyards anywhere outside of China. Even the Department of Defense has sought permission to buy foreign-built vessels for sealift.

On February 12, 2025, the staff of the Division of Corporation Finance of the Securities and Exchange Commission (SEC) issued Staff Legal Bulletin No. 14M, which provides updated information for public companies and shareholders regarding shareholder proposals pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 and outlines a new approach towards excluding shareholder proposals from a company’s proxy statement. 

On February 21, 2025, the U.S. Trade Representative proposed trade sanctions against Chinese-built vessels and against Chinese company-operated vessels. The proposed sanctions stem from an investigation under section 301 of the Trade Act of 1974 which commenced on April 17, 2024, culminating in a report issued on January 16, 2025, affirming the petition.