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TMTPOST -- China decided to halt its countermeasures against U.S. port fees after the Trump administration took actions to suspend related investigations in shipbuilding.
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China's Ministry of Transport on Monday announced a one-year suspension of special port fees for ships owned or operated by U.S. enterprises, organizations and individuals.The suspension of such fees took effect at 1:01 p.m. on Monday.
Simultaneously, the ministry announced a one-year suspension of its probe into how the U.S. Section 301 investigation affects the security and development interests of China's shipping and shipbuilding sectors, as well as related industrial and supply chains.
These measures are in line with the consensus reached during the recent China-U.S. economic and trade talks in Kuala Lumpur in Malaysia, the ministry said.
China's Ministry of Commerce (MOFCOM) on Monday announced a one-year suspension of countermeasures against five U.S.-linked subsidiaries of Hanwha Ocean, a South Korean leading shipbuilding enterprise, effective on the same day.
The five U.S.-linked subsidiaries of Hanwha Ocean subject to the countermeasures, now suspended for a year, are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp., according to a previous announcement by the ministry.
The aforementioined China』s suspensions came a day after the Office of the U.S. Trade Representative (USTR) announced a one-year suspension of the action in the Section 301 Investigation of China』s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance. The suspension came into effect at 12:01 a.m.Eastern Standard Time on Monday.
The suspension follows a trade and economic deal reached between U.S. President Donald Trump and Chinese President Xi Jinping announced by the White House on November 1, according to a USTR statement. In light of the deal, and pursuant to the direction of Trump, the USTR is suspending for one year, the responsive actions taken in this investigation. The United States will negotiate with China pursuant to Section 301 regarding the issues raised in this investigation.
China expects the U.S. to continue working with China in the same direction to maintain a fair competition environment in the international shipping and shipbuilding markets, a MOFCOM spokesperson said on Monday.
The suspension of U.S. 301 investigation measures aimed at China's maritime, logistics and shipbuilding sectors will help add more certainty and stability to the China-U.S. economic and trade cooperation, as well as the global economy, the spokesperson commented on the move. These are important steps that both sides have taken to meet each other halfway, and to work together on implementing the consensus of the China-U.S. economic and trade talks in Kuala Lumpur, the ministry said.
The spokesperson noted that China is willing to communicate and consult with the United States on relevant issues, based on the principles of mutual respect and equal-footed consultation.
China and the United States reached basic consensuses on properly addressing several important economic and trade issues of respective concerns, and will then go through their respective domestic approval procedures,said Chinese Vice Commerce Minister Li Chenggang on October 26 after wrapping up a two-day hihg-level meeting with senior U.S. officials in Malasia, the state news agency Xinhua reported.
During the meeting, the economic and trade teams from China and the U.S. engaged in in-depth and candid discussion on issues including the U.S. Section 301 measures on China's maritime, logistics and shipbuilding sectors, extension of the suspension of reciprocal tariffs, fentanyl-related tariff and counternarcotics cooperation, expanding trade, and export controls, Xinhua cited Li, a top aide to Chinese Vice Premier He Lifeng, leader of the Chinese delegation.
Trump declared he and Xi on October 30 had a highly productive meeting in South Korea and a formal deal between two countries would be signed 「pretty soon.」 The meeting, as Trump』s first face-to-face talks with Xi since he took office this year,essentially led to a one-year trade truce between the United States and China, covering various topics ranging from rare earth, fentanyl tariffs to port fees.
Trump said any concerns over rare earths to be 「settled」 as both sides have reached an agreement, or a one-year deal, that would be extended through future re-negotiations. Trump announced that his administration would halve its fentanyl-related tariffs on Chinese goods to 10%, with a promise China would work 「very hard to stop the [fentanyl] flow」 into the U.S. With the specific cut, the overall tariffs on China would be lowered to 47% from 57%, according to the president.
Trump told reporters China will resume buying 「tremendous」 amounts of American soybeans 「starting immediately」, without providing further details. He said China would also purchase more U.S. energy and hinted the transaction involving Alaskan oil and gas.
