MOC: Reciprocal tariff reduction to stabilize, expand China-US trade

The "$30 billion-for-$30 billion" reciprocal tariff reduction framework would help stabilize and expand trade between China and the United States, the Ministry of Commerce said on Thursday, as Beijing and Washington remain in close communication on its implementation.

Business communities in both countries have high expectations for the arrangement, which covers about $30 billion worth of goods from each side, ministry spokesman He Yadong told a news conference in Beijing.

"We hope the US side will work with China to put the arrangement into effect at an early date and create more favorable conditions for bilateral agricultural trade," he said.

The two sides are also maintaining close communication on their respective concerns in trade, investment and other areas, he said, adding that further progress would be announced in due course.

The two countries have held eight rounds of economic and trade consultations since May last year, and China has fully implemented the consensus reached in earlier rounds, he said.

"The essence of China-US economic and trade relations lies in mutual benefit and win-win cooperation, and cooperation is the only right way forward," he said.

China is willing to work with the US through the bilateral economic and trade consultation mechanism to strengthen cooperation further, properly manage differences and promote continued stability in bilateral economic and trade relations, he added.