China and the United States have agreed in principle to discuss, through the board of trade, a reciprocal tariff reduction framework covering products of equivalent scale, with products on each side valued at $30 billion or more, the Ministry of Commerce said on Wednesday.
Under the proposed arrangement, products of mutual concern agreed upon by both sides may be subject to most-favored-nation tariff rates or even lower rates, the ministry said.
The consensus came after the latest round of China-US economic and trade consultations held last week in South Korea, during which both sides agreed to advance pragmatic cooperation and maintain the hard-won momentum in bilateral ties.
Once implemented, the arrangement will not only help stabilize and expand bilateral trade between China and the US, but also provide a useful reference for global opening-up and cooperation, a ministry official said in a statement.
The two countries' economic and trade teams will maintain close communication, finalize specific arrangements and work to advance their implementation as soon as possible, the official added.
