China Halts Port Fees on US-Linked Vessels for a Year
According to Reuters, China announced on November 10 that it will waive port fees on US-linked ships for the next year. The decision follows Washington’s move to suspend penalties targeting China’s shipping and shipbuilding industries, according to the Ministry of Transport. The measure reflects commitments made during recent discussions between US President Donald Trump and Chinese President Xi Jinping at their summit in South Korea.
Beijing’s Ministry of Commerce welcomed the US Trade Representative’s November 9 declaration that punitive actions under the “Section 301” investigation would be frozen for one year. In a separate statement, the Chinese ministry said it is ready to “engage in dialogue and consultations with the United States on the basis of equality and mutual respect.”
In a parallel announcement, China said it would also lift for one year the sanctions imposed on five US-linked subsidiaries of South Korea’s shipbuilder Hanwha Ocean Co. Ltd. Beijing described Washington’s decision as “a key step” toward implementing previous understandings and expressed hope that both countries would continue cooperating to maintain stability in their economic relationship.
Vietnam Seeks Swift US Trade Deal Amid Tariff Talks
Vietnam is aiming to finalize a trade deal with the United States soon, Deputy Prime Minister Bui Thanh Son said, as a new round of negotiations begins in Washington, according to Reuters. The pact would maintain US tariffs of 20 % on most Vietnamese goods while exempting some products.
Son encouraged US companies to support the talks, aiming for a “fair and balanced” agreement. US Assistant Secretary of State Michael DeSombre said the deal should help reduce the US trade deficit with Vietnam, which recorded a $111 billion surplus in the first ten months of the year.
A Vietnamese delegation is in Washington this week, focusing on exemptions for exports like coffee and broader US access for Vietnamese goods, including farm products. Vietnam hopes to conclude the deal after the US Supreme Court’s ruling on Donald Trump’s tariffs.
India, EU Resume Talks on Free Trade Agreement
According to The Economic Times, India and the European Union have resumed negotiations on the long-pending Free Trade Agreement (FTA). The latest round of discussions aims to resolve key outstanding issues related to trade in goods and services, the rules of origin, and technical and institutional matters. Commerce and Industry Minister Piyush Goyal said that both sides are seeking to conclude the FTA by the end of 2025.