U.S.: Port fees truce to begin next Monday as China pledges massive soybean buys

last week between US president Donald Trump and Chinese leader Xi Jinping during Trump’s visit to South Korea. The agreement ends months of maritime friction and tariff retaliation that had slowed cargo movements between the two nations’ ports. The fallout between the world’s two largest economies saw two of Hong Kong’s largest shipowners – Pacific Basin and Seaspan – relocate to Singapore in recent weeks to avoid the aggressive American fees. China has agreed to halt all retaliatory port and tariff measures alongside a commitment to resume large-scale purchases of American agricultural goods — including at least 12m tonnes of soybeans before year-end, and 25m tonnes annually through 2028, something expected to deliver an immediate uplift for panamax and supramax bulker markets. Tariffs on Chinese goods will also ease slightly, with overall coverage dropping from 57% to 47%. Analysts at broker Braemar suggested the trade truce should bring some breathing space and allow operators ...