The U.S. has blocked a global fee on shipping emissions as an international maritime meeting ended Friday without adopting new regulations.

A fierce Trump administration push to stop the global shipping industry from paying for its own climate pollution appears successful.

Global shipping carbon tax postponed one year following Trump administration pushback. International Maritime Organization vote delayed amid fierce U.S. resistance.

A plan to make the shipping industry pay for its carbon emissions was hanging in the balance on Friday after the US piled pressure on nations to scrap the idea.

Instead, after much pressure from Trump, along with Saudi Arabia and a handful of other countries, delegates decided to postpone the decision by a year and adjourn. In the interim, nations will continue to negotiate and work toward consensus.

A broad-based selloff swept global stock markets this morning after U.S. Treasury Secretary Scott Bessent told the Financial Times that China “will be hurt the most” if it doesn’t submit to Washington’s trade demands.