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NIO Inc. (NYSE:NIO) shares are trading lower Tuesday, along with other US-listed Chinese stocks, as new port fees between the two countries take effect.
What To Know: The U.S. and China began imposing new port fees on ships Tuesday, escalating trade tensions between the world's two largest economies, according to BBC.
China said the new port fees are meant to protect its shipping industry from "discriminatory" U.S. measures. The levies apply to U.S.-owned, operated, built, or flagged vessels, and mirror the charges recently introduced by Washington.
Beijing announced the move last week alongside tighter export controls on rare earths. In response, U.S. President Donald Trump threatened an additional 100% tariff on Chinese goods.
The Chinese duties start at 400 yuan ($56) per net tonne and will rise annually to 1,120 yuan per tonne by April 2028, state media reported. Ships carrying large dry bulk cargoes such as coal could also face millions of dollars in new port fees.
China also added five U.S. subsidiaries of South Korean shipbuilder Hanwha Ocean to its sanctions list, further intensifying trade frictions.
Treasury Secretary Scott Bessent said this week that Trump and Chinese President Xi Jinping still plan to meet later this month in South Korea to try to ease tensions.
NIO Price Action: At the time of writing, Nio shares are trading 3.41% lower at $6.93, according to data from Benzinga Pro.
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