China and the US ease trade restrictions by suspending port charges
China has suspended for one year the special port charges for American vessels, in response to a similar move by Washington, which suspended charges for Chinese vessels.
China officially announced a one-year suspension of port charges that applied to vessels operated or built in the US and visited Chinese ports. This decision, made after the meeting between Presidents Xi Jinping and Donald Trump, is part of negotiations to ease tensions in the trade war between the world’s two largest economies.
In particular, China is also temporarily lifting sanctions against subsidiaries of Hanwha Ocean, the American representatives of one of South Korea’s largest shipbuilders. Simultaneously, the US confirmed a reduction of tariffs on Chinese goods by 10%, bringing the total tariff level to 47%.
Such steps are expected to further de-escalate trade tensions and create a positive impetus for economic cooperation between the countries. However, China has decided to retain a 10% tariff on some American goods, which could be used as leverage in future negotiations.
| Country | Tariffs before changes | New tariffs after changes |
|---|---|---|
| US | 57% | 47% |
| China | 34% | 10% |
