US-China port fee truce official, Beijing pauses measures against Hanwha Ocean subsidiaries

At the same time, Beijing has suspended measures targeting subsidiaries of South Korean shipbuilding conglomerate Hanwha Ocean.

The Office of the US Trade Representative (USTR) announced a one-year suspension, effective 10 November, of actions under Section 301 targeting China’s maritime, logistics and shipbuilding industries.

Similarly, China’s Ministry of Transport confirmed a one-year suspension, also beginning 10 November, of the special port fees applied to US-related vessels. An investigation examining the effects on the security and development of the shipping, shipbuilding and supply chain sectors has also been suspended.

These moves follow what USTR described as a “historic trade and economic deal” reached between President Donald Trump and President Xi Jinping. The two leaders met in Busan, South Korea, for indepth discussions on bilateral trade relations and agreed to strengthen co-operation in key sectors.

According to the USTR, Washington will continue to negotiate with Beijing under Section 301 on the issues raised during the investigation. “While taking these actions, the United States will continue its domestic initiatives and its discussions with key allies and partners on revitalising American shipbuilding,” the USTR statement added.

Beijing suspends countermeasures against Hanwha Ocean subsidiaries

In a parallel move, China’s Ministry of Commerce announced a one-year suspension, also effective 10 November, of countermeasures imposed on five US-related subsidiaries of Hanwha Ocean.

The affected companies are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc, Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings Corp. These entities were previously targeted in response to the US Section 301 investigation.

South Korea–US co-operation in the shipbuilding sector has accelerated throughout 2025, with Hanwha Ocean playing a leading role in newbuilding projects. The group’s Houston-based subsidiary, Hanwha Shipping, has ordered 10 MR tankers and two LNG carriers from Hanwha Philly Shipyard, following Hanwha’s US$100M acquisition of Philly Shipyard in December 2024.