US and China Declare One-year Truce to Maritime Trade War

U.S. President Donald Trump and Chinese President Xi Jinping met this week in Busan, South Korea, in what both sides described as a high-stakes attempt to ease the long-running trade confrontation between their countries. According to Reuters, the meeting followed intensive negotiation and was framed as a step toward a broader framework agreement.

In a joint appearance, Trump indicated that tariffs would be reduced from approximately 57 % to 47 % on certain Chinese imports, in exchange for moves by China to resume purchases of U.S. soybeans and hold off on export controls over rare earth materials.

According to TradeWinds, the pause also includes:

• A halt on first-call port surcharges against Chinese-linked vessels in the U.S.
• An assurance from Beijing to refrain from retaliatory maritime charges for the duration of the truce.
• Commitments to resume negotiations on maritime service cooperation, including shipbuilding, port investment, and shipping network access.