China and U.S. Suspend Port Fees to Ease Trade Tensions

Beijing, Nov 10 (PTI) – China and the United States have reached a mutual decision to suspend special port fees for their respective ships docking at each other's ports. This agreement follows recent trade discussions aimed at finalizing an agreement on tariffs.

On Monday, China's Ministry of Transport declared a one-year suspension of special port fees applicable to ships owned or operated by U.S. enterprises, organizations, and individuals. The change takes effect immediately.

Additionally, the ministry announced a one-year halt to its investigation into how the U.S. Section 301 investigation impacts China's shipping and shipbuilding sectors, along with its industrial and supply chains, as reported by official media sources.

These measures align with the consensus achieved during recent China-U.S. economic and trade discussions in Kuala Lumpur, Malaysia, the ministry noted.

According to the Hong Kong-based South China Morning Post, the White House had previously announced on November 1 that it would suspend its own port fees, with the pause taking effect on Monday, as part of the trade truce with China.

The shipping community has responded positively to the suspension of duties. "We view the agreement to suspend the port fees as encouraging news for our customers, as it provides greater visibility, certainty, and stability in their supply chains," said shipping giant Maersk.

"This truce is incredibly timely for the shipping industry," noted Athens-based Xclusiv Shipbrokers in a statement released last week, according to the Post.

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