As trade tensions rise between the two largest economies in the world, the United States and China began imposing additional port fees on each other’s ships on Tuesday. China claims that its levies, which apply to US-owned, operated, built, or registered vessels but not Chinese-made ships, are intended to protect the nation’s shipping sector from “discriminatory” practices.
It is a response to US tariffs on Chinese vessels, which Washington claims are intended to help American maritime firms. Along with actions to strengthen restrictions on its exports of rare earths, Beijing announced the taxes last week. In response, US President Donald Trump threatened to impose another 100% tariff on China.
Tuesday also saw the implementation of new US duties on imported upholstered furniture, kitchen cabinets, and lumber, a large portion of which originates in China.
In an effort to defuse trade concerns, US Treasury Secretary Scott Bessent stated on Monday that Trump and Chinese President Xi Jinping are still scheduled to meet in South Korea in late October.
The 100% tariff doesn’t need to occur… Despite this declaration last week, the relationship is going well. We’ll see where it goes, but communication lines have resumed,” Bessent added.
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