US China Agree Tactical Trade Truce Suspend Port Fees

U.S. President Donald Trump and Chinese President Xi Jinping met in South Korea to declare a tactical truce in their ongoing trade war, agreeing on measures such as China resuming soybean purchases and suspending rare earth export restrictions for a year, while the U.S. reduced certain tariffs by 10%. Despite the agreement, key issues like China's industrial policies and export-led growth remain unresolved, leading some analysts and American shippers to view the deal more as a de-escalation than a fundamental reset. The truce also includes suspending reciprocal port calling fees imposed by each country, which had heavily impacted Chinese state-owned shipping companies. However, tariffs on Chinese imports remain high, continuing to suppress import volumes and fueling uncertainty among U.S. logistics operators. Both sides have expressed intentions to finalize a broader trade agreement soon, aiming to stabilize commerce and prevent further escalation in tensions between the world's two largest economies.