U.S. President Donald Trump is drafting an executive order aimed at resuscitating domestic shipbuilding and reducing China's grip on the global ocean shipping industry that handles more than 80% of global trade.

A draft fact sheet seen by Reuters on Wednesday includes an 18-point plan that includes funding the effort with fees from imports arriving on Chinese-made ships. It would also establish a Maritime Security Trust Fund as a dedicated funding source and create shipbuilding incentives that include tax credits, grants and loans.

"The White House is standing up an office at the National Security Council to lead a whole-of-government effort to strengthen the maritime industrial base," the document said.

U.S. lawmakers for years have warned about China's growing dominance on the seas and diminishing U.S. naval readiness. The pending executive order appears to be influenced by existing proposals, including legislation with bipartisan backing.

Mike Waltz, Trump's national security adviser and a former House Republican from Florida, last year introduced a bill with Democratic Sen. Mark Kelly from Arizona that aimed to reinvigorate commercial and military shipbuilding in the United States.

The U.S. Trade Representative's office last month proposed charging up to $1.5 million for Chinese-built vessels entering U.S. ports as part of its investigation into China's growing domination of the global shipbuilding, maritime and logistics sectors.

Other measures in the draft document would direct Elon Musk's Department of Government Efficiency to review government procurement processes, including at the U.S. Navy; increase wages for nuclear shipyard workers; and develop cargo preference and favorable tax policies for U.S.-flagged vs. non U.S.-flagged vessels.