Ministry of Commerce: China and the United States have agreed to reduce tariffs on approximately US$30 billion of products imported from each other on a reciprocal basis.

Zhito Finance APP has learned that from September 20 to 23, the China-U.S. economic and trade teams held economic and trade consultations in New York and Washington, D.C., in the United States, reaching positive consensus and contributing economic and trade outcomes to the meeting between the two heads of state. The responsible official of the Department of American and Oceanian Affairs of the Ministry of Commerce provided an interpretation of the relevant economic and trade consultation outcomes. Both sides agreed to reduce tariffs on approximately USD 30 billion of imports from each other on a reciprocal basis, with tariffs on about 90% of each side's products to be lowered to the most-favored-nation tariff level. Both sides will implement the tariff reduction arrangements simultaneously after completing relevant procedures in accordance with their respective domestic laws. Relevant information on the reciprocal tariff reduction arrangements will be announced subsequently.