China suspended for one year port fees levied on U.S.-linked vessels, its transport ministry said on Monday, after Washington announced a similar pause on punitive actions against Chinaās shipping and shipbuilding sectors.
The reciprocated pauses were in line with agreements reached by U.S. President Donald Trump and Chinese President Xi Jinping during a summit in South Korea last month.
The suspension kicked in from 13:01 local time (0501 GMT), according to the transport ministryās statement.
Beijing welcomed a November 9 announcement made by the U.S. Trade Representativeās office to pause for a year, from Monday, all punitive actions against China resulting from its āSection 301ā unfair trade practices investigation.
āChina is willing to communicate and consult with the U.S. on relevant issues on the basis of mutual respect and equal consultation,ā Chinaās commerce ministry said in a separate statement released later on Monday.
The USTR also said the United States will negotiate with China on related issues, although details about how the negotiations would proceed or what the objectives would be remained unclear.
The Chinese commerce ministry called the U.S. move āan important stepā in implementing the consensus reached at an earlier round of trade talks. It said China āhopes the U.S. will continue to work with China in the same directionā to further stabilise bilateral ties.
The commerce ministry also suspended for a year sanctions targeting five U.S.-linked subsidiaries of South Korean shipbuilder Hanwha Ocean Co Ltd on Monday.
