Ministry of Commerce: China and the United States are seeking opinions on their tax reduction arrangements and will promote implementation as soon as possible.

BEIJING, July 23 (Xinhua News Agency) - Meng Huating, Director of the Department of Foreign Investment of the Ministry of Commerce, responded to questions about the progress of the establishment of the trade council and investment council between China and the United States at a press conference held by the State Council Information Office on the 23rd. She said that currently, the economic and trade teams of China and the United States are maintaining close communication on the specific arrangements for the structure, functions, and operation mode of the trade council and are discussing the promotion of a framework for equal reduction of tariffs of $300 billion for each side. China is widely soliciting opinions from domestic enterprises, business associations, local governments, American enterprises, and business associations on the relevant tariff reduction arrangements, while the United States is soliciting public comments on the trade council and equal tariff reduction arrangements. Both sides will maintain close communication, finalize specific tariff reduction arrangements for products as soon as possible, and promote implementation to further expand bilateral trade. This article is reproduced from "Xinhua News Agency"; Edited by GMTEight: Xu Wenqiang.