Pacific rates climb high after United States-China truce extended.

Trans-Pacific spot rates from Asia to the U.S. West Coast rose to $8,400 per forty-foot equivalent unit this week, reaching a new yearly high. East Coast spot rates held at about $9,600 per FEU, roughly $200 below their late-August peak.

The United States and China agreed last week to extend their existing trade truce by two months, postponing the Nov. 10 expiration and delaying potential U.S. port fees on China-linked vessels.

The agreement reached last week at a Washington meeting between President Donald Trump and Chinese President Xi Jinping extends the countries’ existing trade truce, which had been due to expire Nov. 10. The U.S. Trade Representative had not formally announced a deferral of port-call fees targeting China-linked ships as of this week.

What we know

• Spot rates from Asia to the U.S. West Coast rose to $8,400 per forty foot equivalent unit, a new high for the year.

• East Coast spot rates held at about $9,600 per FEU, roughly $200 below their late-August peak.

• The agreement reached last week at a Washington meeting between President Donald Trump and Chinese President Xi Jinping extends the countries’ existing trade truce, which had been due to expire Nov. 10.

• Washington and Beijing will reduce tariffs on about $30 billion in counterpart imports to most-favored-nation levels, subject to required legal procedures.

• Sea-Intelligence estimates port delays are absorbing more than 8% of global vessel capacity and could take as long as 10 months to fully unwind.