The preliminary outcomes achieved during the latest round of China-US economic and trade consultations will not only help stabilize bilateral economic ties, but also contribute to a more cooperative global economy at a time of rising uncertainties, officials and experts said.
The Ministry of Commerce announced on Wednesday that China and the United States have agreed in principle to discuss, under a trade council, a reciprocal tariff reduction framework on products of equivalent scale — worth $30 billion or more on each side.
Under the proposed arrangement, the products of respective concern as agreed by both sides are expected to enjoy most-favored-nation tariff rates or even lower rates, the ministry said.
Once implemented, the arrangement will not only help stabilize and expand bilateral trade between China and the US, but also serve as a useful reference for global open cooperation, a Commerce Ministry official said in a statement.
The ministry said that China and the US agreed to establish trade and investment councils to address respective concerns in trade and investment cooperation, a step that will help to shift bilateral economic and trade consultations from crisis response to mechanism-based management.
