The US and Chinese trade teams have reached a consensus to pause maritime measures imposed on each other for one year.

The understanding was reached during recent trade consultations in Kuala Lumpur and follows discussions between President Trump and President Xi in Busan on Thursday, according to a statement from a spokesperson of the Chinese Ministry of Commerce.

“The U.S. will suspend its Section 301 investigations against China’s maritime, logistics, and shipbuilding industries for one year,” the spokesperson said.

“Following the U.S. suspension, China will also suspend its countermeasures against the U.S. for one year.”

It appears the reciprocal port fees introduced earlier this month by both sides will be held for a year, although the spokesperson did not clearly specify this. Moreover, the US has yet to publicly confirm the reported suspension.

“The positive results achieved in the China-US trade consultations in Kuala Lumpur fully demonstrate that both sides, adhering to the principles of equality, respect, and mutual benefit, can find solutions to problems through dialogue and cooperation,” the spokesperson concluded.