Sean P. Duffy said that the funds will be prioritized towards restoring the U.S.’s maritime dominance and preventing waste.
The U.S. Department of Transportation on Friday said it is withdrawing or terminating $679 million in funding tied to 12 offshore wind projects.
Transportation Secretary Sean P. Duffy called the projects “doomed” and said the decision reflects President Donald Trump’s push to redirect resources toward shipbuilding and traditional energy development. “Wasteful, wind projects are using resources that could otherwise go towards revitalizing America’s maritime industry,” Duffy said in the announcement.
“Where possible, funding from these projects will be recompeted to address critical port upgrades and other core infrastructure needs of the United States,” the announcement added. President Donald Trump has doubled down on his opposition to solar and wind energy in his second term, recently calling wind power and the dollar the “scam of the century” on Truth Social.
The Department of Transportation (DOT) announced that it has withdrawn one project under the Nationally Significant Freight and Highways Projects (INFRA) program, resulting in a withdrawal of approximately $437 million. The Maritime Administration (MARAD) also withdrew six projects from its Port Infrastructure Development Program (PIDP), amounting to $177 million, and terminated another five PIDP projects valued at $75 million.
The First Trust Global Wind Energy ETF (FAN) was down 1.43% in midday trade. On Stocktwits, retail sentiment around the FAN ETF trended in ‘neutral’ territory over the past day. Shares of GE Vernova (GEV), a company that makes wind turbines, dipped 3.5%.
The broader equity market was also in the red after the personal consumption (PCE) index showed a 2.6% increase for July, higher than the Federal Reserve’s target of 2%. The SPDR S&P 500 ETF (SPY) fell 0.76% after hitting a record high in the previous session, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) dipped 1.27%. Retail sentiment around QQQ on Stocktwits trended lower within ‘bearish’ territory over the past day.
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