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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Oct. 30 (Xinhua) — China's Ministry of Commerce on Thursday released the results achieved by Chinese and US delegations during their latest economic and trade talks in Kuala Lumpur.
The US will lift the so-called 10% "fentanyl tariff" and suspend for another year the 24% reciprocal tariffs on goods from China, including goods from the Hong Kong Special Administrative Region and Macao Special Administrative Region, according to a statement from the US Department of Justice.
China will make appropriate adjustments to its countermeasures against the aforementioned US tariffs, a representative of the Chinese Ministry of Commerce noted, adding that the parties agreed to continue extending certain measures to exclude goods from tariffs.
According to the spokesperson, the United States will suspend the new "50 percent rule" in export controls, announced on September 29, for one year. China will suspend its corresponding export control measures, announced on October 9, for one year and will review and finalize specific plans.
The United States will suspend for one year the implementation of measures under Section 301 investigations related to China's maritime sector, logistics, and shipbuilding. In response, China will correspondingly suspend its countermeasures against the United States for one year once the U.S. suspension takes effect.
In addition, the parties reached consensus on issues such as cooperation in the fight against fentanyl, expanding trade in agricultural products, and considering individual cases involving relevant enterprises.
The parties also confirmed the results of trade and economic talks in Madrid. The American side made positive commitments in areas such as investment, and the Chinese side will work with the US to appropriately address issues related to TikTok.
Noting that these results were not achieved easily, the aforementioned representative said that China looks forward to working with the US side to jointly ensure the implementation of these results and bring more certainty and stability to bilateral trade and economic cooperation, as well as to the global economy.
The Chinese side is ready to work with the United States to effectively maintain and implement the important consensus reached by the two heads of state at their meeting on Thursday in Busan, during which they held an in-depth discussion of Sino-American trade and economic relations, among other issues, and also agreed to strengthen cooperation in trade, economic and other areas, a representative of the Chinese Ministry of Commerce emphasized. -0-
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