The US and China have agreed to suspend for one year their respective fees on ship/ port calls. The US will not levy fees on Chinese-built or controlled ships, and China will not levy fees on US ships. The timeline for suspension has not been released nor has there been an announcement on the disposition of the $40M in fees collected.
The removal of these charges is part of a larger agreement to deescalate the tensions between ourselves and China.
The agreement was reached late last week when delegations of both countries met in Malaysia, and Trump and Xi meet in South Korea.
It pauses the 24% reciprocal tariffs for a year and rescinds the 10% fentanyl tariffs. The net effect takes tariffs on Chinese goods down to 47%.
China agreed to once again buy US soybeans. They will purchase 12M metric tons through January 2026 and 25M metric tons annually for the next three years.
The agreement also removes China’s planned export controls on rare earth minerals to the US.