07:17 AM EDT, 10/31/2025 (MT Newswires) -- The US and China have agreed to suspend their reciprocal fees on each other's ships and maritime industries, US Treasury Secretary Scott Bessent said Thursday in an interview with Fox Business.

The US measures under Section 301 of the trade code are going to be suspended for a year, Bessent reportedly said.

China's Ministry of Commerce also said in a statement that it "will also suspend its countermeasures against the US for one year."