China’s Ministry of Commerce has confirmed that China and the US reached a new consensus on trade during the latest round of economic and trade consultations held in Kuala Lumpur. The announcement comes shortly after the two presidents met in Busan, the Republic of Korea, where both sides agreed to strengthen trade and other areas of cooperation. Li Shuang brings us more.
According to the Ministry, the Kuala Lumpur talks produced several concrete outcomes. Spokesperson, China’s Ministry of Commerce “The main consensus reached at the Kuala Lumpur economic and trade consultations covers areas including the US Section 301 measures on China’s maritime, logistics and shipbuilding industries; the extension of the tariff suspension period; cooperation on fentanyl-related tariffs and law enforcement; agricultural trade; and export controls.”
Under the new arrangement, the US will remove the additional 10 per cent fentanyl tariffs on Chinese goods and continue to suspend the 24 percent retaliatory tariffs for another year. It will also pause its 50 percent penetration rule on export controls and suspend its Section 301 investigations into China’s maritime, logistics and shipbuilding sectors. China, in turn, will make corresponding adjustments to its countermeasures.
Spokesperson, China’s Ministry of Commerce “China looks forward to working with the US to ensure effective implementation of the outcomes, injecting greater stability and certainty into China-US economic and trade cooperation as well as the global economy.” LI SHUANG “China’s Ministry of Commerce said the positive outcomes from the Kuala Lumpur talks show that, through dialogue, equality, and reciprocity, China and the US can find ways to manage differences and stabilize economic ties. Li Shuang, CGTN, Beijing.”
SOURCE: CGTN News