The Royal Caribbean cruise ship ‘Explorer of the Sea’.
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Shares of cruise lines tumbled Thursday after Commerce Secretary Howard Lutnick suggested the Trump administration would crack down on taxes paid by the companies.
“You ever see a cruise ship with an American flag on the back?” said Lutnick in an appearance on Fox News.
“None of them pay taxes…every supertanker. None pay taxes… all foreign alcohol. No taxes. This is going to end under Donald Trump,” said Lutnick.
Shares of Carnival dropped 9%. Royal Caribbean plunged 11%.
This is a developing story. Check back for updates.
This post was originally published on CNBC Markets
