The Trump administration has suspended a probe into China's shipbuilding industry, prompting Beijing to reciprocate by shelving its own investigation and putting off special port fees for US vessels, SİA informs referring to The Business Times.
The Office of the US Trade Representative (USTR) said the probe has been suspended for one year as of midnight Monday (November 10) morning local time. Minutes later, China's Ministry of Transport followed with an announcement that said its actions are being postponed at the same time to implement the consensus reached at recent trade talks with the US.
The US will continue to negotiate with China about the issues raised in the investigation, the USTR said in the statement.
The suspensions remove some costs and uncertainty for an industry that had been facing fees to deliver goods to the US. They make good on one of the agreements reached by US Presidents Donald Trump and Chinese President Xi Jinping during talks in South Korea late last month.
The imposition of port fees on each other's vessels threatened to shake up global shipping, raise freight rates and snarl the flow of goods including key commodities like oil. China's investigation was among retaliatory measures it announced in mid-October and aimed to assess the impact of the US probe into the nation's maritime sector.
According to a fact sheet released last week, the US will pause tariffs on imports of ship-to-shore cranes and chassis from China, in addition to a suspension of fees levied on Chinese-built and operated merchant ships calling at American ports.
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