China, US finalizing details of tariff reductions

China and the United States will finalize the details of reciprocal tariff reductions on products of equivalent scale, each worth $30 billion or more, with implementation to begin as soon as possible, the Ministry of Commerce announced on Thursday.

Earlier this month, China and the US agreed in principle to discuss, under the auspices of a trade council, a framework for reciprocal tariff reductions on products of comparable scale — each side covering $30 billion or more.

"Tariffs have always been a key issue in China-US economic and trade relations," said He Yadong, a spokesman for the ministry, at a news conference.

"We hope the US side will honor its commitments and create positive conditions for expanding bilateral trade and cooperation."

"The two sides' economic and trade teams will keep close communication, work out specific arrangements and push for implementation at an early date," He said.