China and U.S. in Consultations to Implement $30 Billion Tariff Reduction Deal
According to the International Desk of Webangah News Agency, Washington and Beijing are in close consultations to implement a mutual tariff reduction agreement, under which each side will lower import duties on goods valued at approximately $30 billion from the other. The Ministry of Commerce of China announced this development, citing data from the Mehr News Agency.
He Yadong, spokesperson for China’s Ministry of Commerce, stated at a press conference that the implementation of this agreement will help stabilize and expand bilateral trade, with significant expectations from economic actors in both countries.
He expressed hope that the United States will cooperate with China for the swift implementation of this agreement to create better conditions for agricultural trade between the two nations.
According to the Ministry of Commerce’s statement, over 90 percent of the goods covered by the agreement will be exempted from additional mutual tariffs once domestic legal procedures are completed in both countries, and will be subject to the preferential tariff rates of friendly governments.
China’s Ministry of Commerce also announced that the first meeting of the Beijing-Washington Bilateral Trade Council was held on Friday, November 13. During this session, both sides discussed the implementation of previous trade agreements, tariff reductions, and agricultural trade. However, the ministry’s statement did not indicate the achievement of any new agreements at this meeting.
