China suspends port fees on US-linked ships for a year

China suspended for one year port fees levied on U.S.-linked vessels, its transport ministry said on Monday, after Washington announced a similar pause on punitive actions against China's shipping and shipbuilding sectors.

The reciprocated pauses were in line with agreements reached by U.S. President Donald Trump and Chinese President Xi Jinping during a summit in South Korea last month.

The suspension kicked in from 13:01 local time (0501 GMT), according to the transport ministry's statement.

Beijing welcomed a November 9 announcement made by the U.S. Trade Representative's office to pause for a year from Monday all punitive actions against China resulting from its "Section 301" unfair trade practices investigation.

"China is willing to communicate and consult with the U.S. on relevant issues on the basis of mutual respect and equal consultation," China's commerce ministry said in a separate statement released later on Monday.

The USTR also said the United States will negotiate with China on related issues, although details about how the negotiations would proceed or what the objectives would be remained unclear.

The Chinese commerce ministry called the U.S. move "an important step" in implementing consensus reached at an earlier round of trade talks. It said China "hopes the U.S. will continue to work with China in the same direction" to further stabilise bilateral ties.

The commerce ministry also suspended for a year sanctions targeting five U.S.-linked subsidiaries of South Korean shipbuilder Hanwha Ocean Co Ltd on Monday.