Ministry of Commerce: China and the U.S. reached a "300 billion to 300 billion" reciprocal tariff reduction consensus, and more than 90% of products will be exempt from mutually imposed tariffs.

Zhito Finance APP has learned that on September 28, the Ministry of Commerce announced information regarding the China-U.S. Trade Council and the "300 billion versus 300 billion" reciprocal tariff reduction framework. It was mentioned that the two sides agreed to provide reciprocal tariff reduction treatment for imports valued at approximately US$30 billion each (based on 2024 bilateral trade volume), on the basis of complying with their respective domestic laws and procedures. Of these, more than 90% of products will be exempted from all mutually imposed additional tariffs and enjoy most-favored-nation tariff treatment.