Key Takeaways
- The U.S. and China have imposed new port fees on each other’s ships, intensifying their ongoing trade conflict.
- China’s new policy targets U.S.-linked vessels with steep fees starting at 400 yuan per tonne, rising to 1,120 yuan by 2028.
- The tariff escalation triggered massive sell-offs in crypto markets, wiping out around $560 billion in total value.
The ongoing tensions between the U.S. and China has reached another flashpoint this week as the two countries began charging port fees on each other’s ships.
China and America’s ship levies come after President Donald Trump threatened an additional 100% tariff on the country, bringing its total goods charge to 130%.
New Port Fees
On Tuesday, Oct. 14, China introduced new fee tariffs on U.S. vessels in retaliation for Washington’s fees placed on Chinese ships.
According to Chinese state broadcaster CCTV, U.S.-linked ships berthing at Chinese ports will now face fees of 400 yuan ($56) per net tonne, with the rate set to rise annually to 1,120 yuan per tonne by April 2028.
The policy will apply not only to vessels directly operated by American firms but also to those in which a U.S. company holds a 25% or greater stake.
China’s Ministry of Transport said the move was in response to what it called “discriminatory and protectionist” U.S. measures that violate a bilateral maritime transport agreement.
Washington’s duties, first introduced earlier this month, were seen by Beijing as a breach of international trade norms.
Freight Fallout
The financial impact could be steep for the shipping industry.
Freight analyst Claire Chong from Thurlestone Shipping told the BBC that bulk carriers transporting coal, ore, and other raw materials could face port fees of up to $3 million per voyage starting this week.
By 2028, those costs could surge past $10 million for the largest dry bulk vessels carrying nearly 200,000 tonnes of cargo.
The costs could be “significant” for the industry, she said.
Trade War Hits Crypto
Trump’s recent tariff escalation sent shockwaves through the markets, with approximately $19 billion liquidated in crypto positions within hours.
In the first twenty-four hours, Bitcoin tumbled from above $125,000 to below $102,000, and roughly $560 billion was erased from total crypto-asset value.
The tariff fallout also saw the Crypto Fear & Greed Index drop to a “Fear” level of 27.
Stuart Connolly, CIO at Deus X Capital, told CCN that President Trump’s tariff rhetoric has triggered what “we believe is a meaningful ‘risk off’ within markets, and the crypto market has taken the brunt of that.”
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
