China has declared a one-year halt to its “special port fees” for US vessels, aligning with Washington’s decision to suspend similar charges on Chinese ships.
This action is viewed as a move towards reducing trade tensions between the two major economies.
The suspension became effective at 13:01 (05:01 GMT) on Monday, as reported by China’s Transport Ministry’s official media outlets.
It applies to vessels that are either operated by or constructed in the United States and dock at Chinese ports.
This decision follows a meeting last month between Presidents Xi Jinping and Donald Trump in South Korea, where both leaders agreed to roll back certain punitive tariffs that had severely impacted trade and disrupted global supply chains.
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Additionally, Beijing announced a one-year suspension of sanctions against five US subsidiaries of South Korea’s Hanwha Ocean, linking this action to the US government’s suspension of port fees on Chinese vessels.
These developments indicate a further warming of relations since the Xi-Trump meeting, as both nations take cautious steps towards stabilizing their economic relationship.
Last week, China also extended its suspension of a 10% additional tariff on US goods and lifted export restrictions on essential industrial metals such as gallium, germanium, and antimony.
