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The two countries began imposing new port fees on each other’s vessels in mid-October, targeting ocean carriers that transport goods ranging from holiday merchandise to crude oil.

At the time, Chinese state media accused the U.S. of violating a bilateral maritime transport agreement by levying duties on Chinese ships. In response, China imposed a fee of 400 yuan ($56) per net ton on U.S.-linked vessels docking at its ports, according to CCTV.

According to a White House fact sheet dated November 1, the U.S. will pause measures aimed at curbing China’s dominance in global shipping, while Beijing will suspend its retaliatory fees in return.

The move follows last week’s trade truce between President Donald Trump and President Xi Jinping, which included cooperation on issues spanning semiconductors, rare earths, and agricultural trade.

The reciprocal port fees had threatened to disrupt global shipping, raise freight costs, and slow commodity flows, including oil. During the suspension period, Washington plans to negotiate with Beijing over its maritime industry probe, while pursuing shipbuilding opportunities with South Korea and Japan.

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Among the day’s best performers in the sector: International Seaways (NYSE:INSW) +6.2%, Hafnia (NYSE:HAFN) +5.8%, Teekay (TK) +5.5%, Ardmore Shipping (NYSE:ASC) +5.4%, Tsakos Energy Navigation (TEN) +4.2%, Teekay Tankers (TNK) +4.1%, Frontline (FRO) +3.2%, Scorpio Tankers (STNG) +3.2%, Dorian LPG (LPG) +3.2%, DHT Holdings (DHT) +3.2%, Nordic American Tankers (NAT) +1.4%.

The new sanctions marked a shift in Trump’s previously cautious approach in pressuring Russia on its war on Ukraine, and follow measures against Russian energy imposed by the U.K.

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The additional fees would be imposed on ocean shipping firms that move everything from holiday toys to crude oil.

In details published on Tuesday by state broadcaster CCTV, China spelled out specific provisions on exemptions, which also include empty ships entering Chinese shipyards for repair.

Also on Tuesday, new US tariffs came into effect on imported timber, kitchen cabinets, and upholstered furniture, much of which comes from China.

“China’s position is consistent. If there’s a fight, we’ll fight to the end; if there’s a talk, the door is open,” said a Chinese commerce ministry spokesperson on Tuesday, as per reports.

“The US cannot demand talks while simultaneously imposing new restrictive measures with threats and intimidation. This is not the right way to engage with China,” they said in a statement.

Chinese state media said the US duties on Chinese ships violated a maritime transport agreement between the two nations.

In retaliation, U.S.-linked ships docking at Chinese ports are now charged 400 yuan (£42; $56) per net tonne, according to Chinese state media CCTV.

The duties are closely matched to the port fees imposed by Washington and will also apply to ships operated by U.S. firms and those in which an American company holds a stake of 25% or more.

The fees will rise each year, reaching 1,120 yuan per tonne in April of 2028, CCTV added.

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