Both sides agreed to continue expanding certain tariff exclusion measures, a ministry spokesperson said.
The results of the recent talks between China and the United States in Kuala Lumpur include the cancellation by the United States of the 10 percent ‘fentanyl tariffs’ and the suspension, for another year, of the 24 percent reciprocal tariffs on products from China, Hong Kong and Macau. China will make similar adjustments to its countermeasures. Both sides will continue to expand certain tariff exclusion measures. China will resolve TikTok’s problems with the United States.
The United States will suspend for one year the implementation of a new rule announced on September 29 that expands its restrictions on exports from the ‘entity list’ to any entity that is at least 50 percent owned by one or more entities on the list.
China will suspend the implementation of relevant export control measures announced on Oct. 9 for one year and will study and refine specific plans, the spokesperson said, according to a state-controlled news agency.
The US side will suspend for one year the implementation of measures under its Section 301 investigation targeting China’s maritime, logistics and shipbuilding industries. China will continue to suspend the implementation of its countermeasures for one year.
In addition, the two sides also reached consensus on issues including anti-drug cooperation on fentanyl, expanding trade in agricultural products and handling individual cases involving relevant companies, the spokesperson said.
China will properly resolve TikTok-related issues with the US side.
Chinese President Xi Jinping said yesterday in Busan, South Korea, that he is willing to continue working with President Donald Trump to build a solid foundation for bilateral relations and create a solid atmosphere for the development of both countries.
“China and the United States must be partners and friends. That is what history has taught us and what reality needs,” he said.
It is normal for the world’s two major economies to have friction from time to time, Xi said.
He called on teams from both sides to work and finalize follow-up steps as soon as possible and ensure that common understandings are maintained and implemented effectively, to inject confidence in the two countries as well as the global economy through strong results.
Fiber2Fashion News Desk (DS)
