U.S. and China to suspend mutual port fees for one year
The U.S. and China have agreed to a one-year suspension of mutual port fees that were imposed following a Section 301 investigation into China’s maritime logistics sector. The White House announced on Nov. 1 that the suspension of U.S. levies will begin on Nov. 10. According to the announcement, China will concurrently cancel its corresponding retaliatory fees. The two countries will continue negotiations on the matter. China has not yet released further details regarding the agreement.
China to suspend farm tariffs and resume U.S. purchases
According to the White House on Nov. 1, China will suspend all retaliatory tariffs on U.S. agricultural products that were announced since March 4, 2025. The affected goods include chicken, pork, beef, soybeans and corn. The statement specified that China will buy at least 12 million tons of U.S. soybeans in the last two months of 2025 and at least 25 million tons annually in 2026, 2027, and 2028. China will also resume purchases of U.S. sorghum and hardwood logs.
BYD unveils electric K-Car for Japanese market
At the Japan Mobility Show, which opened on Oct. 30, BYD Co. Ltd. unveiled an electric K-Car model designed exclusively for the Japanese market. The move is a rare instance of a Chinese automaker developing a dedicated model for a specific overseas market. K-Cars are a category of small vehicles unique to Japan, known for their low ownership costs and convenience in urban settings.
Li Auto recalls over 11,000 MEGA EVs after fire
Li Auto Inc. will recall 11,411 of its 2024 MEGA multipurpose vehicles starting Nov. 7, according to an Oct. 31 announcement from the State Administration for Market Regulation. The voluntary recall follows a fire incident involving a MEGA model in Shanghai on the evening of Oct. 23. Video footage showed the vehicle catching fire while in motion, though the occupants escaped unharmed. Li Auto filed the recall plan in accordance with regulatory requirements.
Baosteel adjusts capacity target to focus on value over volume
Executives at Baoshan Iron and Steel Co. Ltd. announced on Oct. 31 that the company has revised its production capacity target from a range of 80 million to 100 million tons down to “80 million tons-plus.” During an online earnings briefing, the executives explained that the company is no longer solely pursuing scale and will focus more on extracting value from existing assets. They noted that high-quality domestic acquisition targets are limited, while its long-term overseas goal is to secure over 5 million tons of capacity, subject to strict considerations of timing and investment returns.
PipeChina adds nearly 5 billion cubic meters of gas storage capacity
China Oil & Gas Pipeline Network Corp., or PipeChina, has added nearly 5 billion cubic meters of gas storage capacity since the start of the 14th Five-Year Plan period (2021–2025). The milestone was reached after the state-owned giant completed the expansion of the Wen-23 gas storage facility, the largest in central and eastern China, which is a key project for national energy supply security.
