China hits back on US port fees with retaliatory levies

BEIJING/LOS ANGELES — China will slap port fees on U.S.-owned, operated, built, or flagged vessels on Tuesday as a countermeasure to U.S. port fees on China-linked ships starting the same day, China's transport ministry said on Friday. The move came shortly before U.S. President Donald Trump said there is no reason to meet with China's President Xi Jinping in two weeks in South Korea as planned, adding on social media that the U.S. is calculating a massive increase in tariffs on imports from China. Trump said China has been sending letters to countries saying it planned to impose export controls on rare earths production. There are relatively few U.S.-built or U.S.-flagged vessels conducting international trade, but China will ensnare more ships by applying levies to companies with 25 percent or more of their shares or board seats held by U.S.-domiciled investment funds, analysts said. 'Quite an impact' U.S.-based shipping company Matson told customers on Friday it is subject to the new China port fees and has no plans to change its service schedule. Also likely affected are CMA-CGM'sWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times