9 months ago
China Suspends Port Fees on US Vessels for One Year
Imagine two friends, the US and China, who have been arguing and putting extra charges on each other's toys.
Recently, their parents met and decided to calm things down.
So, China said it will not charge extra fees on toy ships coming from the US for a whole year.
This is like the US also agreeing not to charge extra fees on toy ships from China.
China is also stopping some punishments it had for a few American toy companies.
Plus, China is going to be more careful about sending certain chemicals that are used to make a harmful drug called fentanyl to the US and other nearby countries.
This is all to help them get along better with their trading.
China will suspend 'special port fees' on US vessels for one year.
This action mirrors the US decision to pause levies on Chinese ships.
Beijing is also suspending sanctions on five US subsidiaries of South Korea's Hanwha Ocean for one year.
China added more than a dozen fentanyl precursors to its controlled export list.
These measures are part of efforts to ease trade tensions following a meeting between Presidents Trump and Xi.
- Who
- China, US vessels, US subsidiaries of Hanwha Ocean
- What
- China announced a one-year suspension of special port fees on US vessels and sanctions on certain US subsidiaries of Hanwha Ocean, and added fentanyl precursors to its controlled export list.
- Where
- Chinese ports, US and North America
- When
- Announced Monday, suspension effective on the same day for one year.
- Why
- To stabilize economic ties and ease trade tensions between the US and China, following a meeting between Presidents Trump and Xi Jinping.
Easing Trade Tensions
Specific Measures and Negotiations
Port Fees
Easing Trade Tensions
China is suspending special port fees on US vessels for one year, mirroring a similar move by the US on Chinese ships, as a sign of easing trade tensions.
Specific Measures and Negotiations
The suspension of port fees on US-operated or US-built ships took effect Monday, matching Washington's pause on levies for Chinese-built vessels.
Sanctions on Hanwha Ocean Subsidiaries
Easing Trade Tensions
Beijing announced a one-year suspension of sanctions against five US subsidiaries of South Korea’s Hanwha Ocean as part of the broader trade truce.
Specific Measures and Negotiations
China had previously sanctioned these units for allegedly supporting a US probe into its shipbuilding dominance; a planned Chinese investigation into this probe has also been shelved.
Fentanyl Precursors
Easing Trade Tensions
China has added more than a dozen fentanyl precursors to its controlled export list, addressing US accusations about the flow of chemicals fueling the opioid crisis.
Specific Measures and Negotiations
This move aligns with Washington's confirmation that Beijing agreed to stop the shipment of certain chemicals to North America as part of joint efforts to tackle fentanyl smuggling.
Key facts
- Port Fee Suspension Duration
- One year
- Effective Date of China's Suspension
- Monday (0501 GMT)
- US Share of Global Ship Output
- 0.1%
- China's Share of Global Ship Output
- Nearly half
- Hanwha Ocean Subsidiaries Sanctioned
- Five US subsidiaries
- Fentanyl Precursors Control
- Added to controlled export list
Quotes
Beijing's commerce ministry
China's commerce ministry
“In light of this (US suspension)… China has decided to suspend the relevant measures for one year”
firstpost.com
The White House
The White House
“stop the shipment of certain designated chemicals to North America”
firstpost.com
