Ministry of Commerce: Both parties have in principle agreed to discuss a framework arrangement for reciprocal tariff reductions on equivalent-scale products under the Trade Council.

The head of the Department of American and Oceanian Affairs of the Ministry of Commerce explained the preliminary outcomes of China-U.S. economic and trade consultations. Both sides have agreed in principle to discuss arrangements for reciprocal tariff reductions on an equivalent scale of products under the framework of the Trade Council, with each side targeting a scale of 30 billion U.S. dollars or more. For mutually agreed-upon products of interest, there is the possibility of applying most-favored-nation tariff rates or even lower rates. If implemented, this arrangement will help stabilize and expand bilateral trade between China and the U.S. and serve as a reference for global open cooperation. The economic and trade teams of both sides will maintain close communication, negotiate specific details, and push for implementation as soon as possible.