China has suspended for one year the collection of port fees on US-flagged vessels, multiple media outlets report. The move comes after Washington agreed to pause punitive measures targeting China’s maritime industry.
Announced by the Ministry of Transport and approved by the State Council, the suspension took effect shortly after midday on Monday.
It followed agreements reached between President Xi Jinping and US President Donald Trump at last month’s summit in South Korea, where the leaders also agreed on a reduced tariff rate for Chinese imports to the US and for Beijing to pause its plan to impose new restrictions on rare earths.
[See more: Xi-Trump summit yields results in South Korea]
In addition to the transport ministry’s announcement, the Ministry of Commerce said it was suspending sanctions on US-linked subsidiaries of South Korean shipbuilder Hanwha from Monday.
Waiving port fees is intended to stabilise bilateral trade, safeguard industrial supply chains, and enhance cooperation in the maritime and logistics sectors, according to China Daily.
The White House announced on 1 November that it would pause all Section 301 actions against China for one year, citing ongoing negotiations on trade and maritime issues.
