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Ministry of Commerce: The U.S. and China are soliciting comments on tariff reduction arrangements and will push for implementation as soon as possible

PANews
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PANews July 23, citing Xinhua News Agency, reported that at a press conference held by the State Council Information Office on July 23, Meng Huating, Director of the Department of Foreign Investment at the Ministry of Commerce, responded to questions about progress in the establishment of the China-U.S. trade council and investment council. She said that, at present, the economic and trade teams of China and the United States are maintaining close communication regarding specific arrangements for the trade council, including its framework, functions, and operating model, and are exploring plans to advance mutually equivalent tariff-reduction framework arrangements with each side amounting to $30 billion. The Chinese side is broadly soliciting opinions from relevant stakeholders in China, including domestic enterprises, industry associations, local governments, and business associations of U.S.-funded enterprises, regarding the proposed tariff-reduction arrangements. The U.S. side is also seeking public comments on the trade council and the mutually equivalent tariff-reduction arrangements. The two sides will maintain close communication, determine specific tariff-reduction arrangements for particular products as soon as possible, and promote their implementation, further expanding bilateral trade.
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