Trump, Xi agree to pause dueling port fees that disrupted trade
Update: 2025-10-30
Description
In a significant move, the US and China have agreed to suspend tariffs on each other's ships for a year, ending a major source of tension in their trade dispute. This decision, part of trade discussions between Trump and Xi, will save both countries around $3.2 billion annually and ease costs for shipping companies like COSCO and Matson. The suspension also includes a freeze on other penalties, benefiting the maritime, logistics, and shipbuilding sectors. Despite China's dominance in shipbuilding, orders have dropped due to tariff threats, though it still holds a massive global market share.
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