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China has announced a one-year suspension of “special port fees” levied on US vessels, mirroring Washington’s earlier decision to pause tariffs targeting Chinese ships.
This action, effective Monday, is the latest move in a fragile trade truce established following the meeting between presidents Xi Jinping and Donald Trump in South Korea last month.
The trade war had previously led to punitive duties reaching prohibitively high levels, disrupting global supply chains and trade between the world’s two largest economies.
In a related de-escalation, Beijing also suspended sanctions for one year against five US subsidiaries of Hanwha Ocean, a major South Korean shipbuilder.
China had sanctioned these entities in October, accusing them of supporting a US probe into China’s dominance of the shipbuilding sector.
These port fee suspensions are part of a broader recent thawing of tensions:
Tariffs: China previously extended the suspension of additional tariffs on various US goods for one year.
Key Materials: Beijing also suspended export bans on technology for rare earths and crucial metals like gallium and germanium.
The reciprocal actions indicate ongoing efforts to roll back punitive measures and stabilise economic relations.
