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The Chinese fees, which were in a response to a similar move by Washington, have upended Asian oil trading as shippers and traders assess their exposure to charges.

Cutting off cooking oil trade could have wide-ranging effects for the American heartland and in energy markets. Used cooking oil is a feedstock for biofuels such as renewable diesel.

The White House meeting came just days after the U.S. announced the $20 billion currency swap — meant to help shore up Argentina’s peso and calm financial markets in the South American nation.

“We’ve been pretty successful in finding a path forward with them in the past so we think we’ll be able to work through it,” Jamieson Greer said Oct. 14 in an interview with CNBC.

Cosco Shipping, already expected to report weaker third-quarter earnings, could face an additional $1.5 billion to $2.1 billion in fees in 2026.

The International Maritime Organization will this week decide on sweeping new rules to make the sector start paying for the more than 1 billion tons of greenhouse gases it emits each year.

Tariffs and carrier capacity continue to be the two top issues increasing the length of transportation executives’ worry lines, according to attendees of the CSCMP Edge 2025 conference.

China announced Oct. 10 that it would impose fees on U.S. ships in retaliation for similar measures due to be imposed by the Trump administration Oct. 14.

They would take effect on Oct. 14, the same day that the United States is due to start imposing port fees on Chinese vessels.

“Tariffs, I think, have taken most of the air out of the room this year,” said Andrei Quinn-Barabanov, supply chain and risk management leader at Moody’s.