Big plus: These tariffs imposed by the United States on China are lifted
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Recently, Sino-US economic and trade relations have ushered in new and positive progress. The economic and trade teams of China and the United States held consultations in Kuala Lumpur and reached a number of important consensuses on a series of economic and trade issues of concern to both sides, injecting new impetus into Sino-US cooperation in the complex international economic and trade environment.
Ministry of Commerce: The United States will cancel the 10% so-called "fentanyl tariff" imposed on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year; China will adjust countermeasures accordingly!
Q: It is understood that China and the United States reached joint arrangements to resolve economic and trade issues of respective concern during economic and trade consultations in Kuala Lumpur. Could the Ministry of Commerce provide more information on the consensus reached during the Kuala Lumpur economic and trade consultations?
A: The heads of state of China and the United States just held a meeting in Busan, South Korea. They had an in-depth discussion on Sino-US economic and trade relations and other issues, and agreed to strengthen cooperation in economic and trade and other fields. China is willing to work with the United States to jointly safeguard and implement the important consensus reached by the two heads of state.
The China-U.S. economic and trade teams negotiated in Kuala Lumpur and reached consensus on the following aspects:
The United States will cancel the 10% so-called "fentanyl tariff" imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and Macao Special Administrative Region), and the 24% reciprocal tariff imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and Macao Special Administrative Region) will continue to be suspended for one year. China will adjust its countermeasures against the above-mentioned US tariffs accordingly. Both sides agreed to continue extending some tariff exclusion measures.
The United States promised to suspend the implementation of the 50% penetration rule on export controls announced on September 29 for one year. China also responded positively by suspending the implementation of relevant export control and other measures announced on October 9 for one year, and will study and refine specific plans. The mutual suspension of export control measures between the two sides will help stabilize the market expectations of enterprises and reduce the impact of trade uncertainty on enterprise production and operations.
In terms of port fee collection, the United States has suspended the implementation of Section 301 investigations into China's maritime, logistics and shipbuilding industries for one year. After the United States suspends relevant measures, China will correspondingly suspend the implementation of countermeasures against the United States for one year. This reciprocal suspension measure reflects the equality and respect between the two sides on economic and trade issues, is conducive to easing trade tensions, and promotes normal cooperation between China and the United States in the fields of maritime, logistics and shipbuilding industries.
In addition, the two sides also reached consensus on issues such as fentanyl anti-drug cooperation, expanding trade in agricultural products, and handling individual cases of related companies. The two sides further confirmed the results of the Madrid economic and trade consultations, and the United States has made positive commitments in investment and other fields. China will properly resolve TikTok-related issues with the United States. The achievement of these results has further expanded the fields and space of Sino-US economic and trade cooperation.
On the afternoon of October 30, the Ministry of Commerce held a regular press conference. Some foreign media asked questions about Sino-US soybean trade and China’s rare earth export controls.
In this regard, Ministry of Commerce spokesperson He Yongqian said that earlier this afternoon, the Ministry of Commerce had released information on the joint arrangement of the China-US Kuala Lumpur Economic and Trade Consultations on its website, introducing the consensus on the main results reached in the Kuala Lumpur Economic and Trade Consultations, involving the US Section 301 measures against China's maritime, logistics and shipbuilding industries, extension of the reciprocal tariff suspension period, fentanyl tariffs and law enforcement cooperation, agricultural product trade and export controls, etc.
He Yongqian said that the positive results of the Sino-US economic and trade consultations in Kuala Lumpur fully prove that under the strategic guidance of the two heads of state, the two sides uphold the spirit of equality, respect and reciprocity and can find solutions to problems through dialogue and cooperation. The results of economic and trade consultations are hard-won, and China looks forward to working with the United States to implement them and inject more stability and certainty into China-U.S. economic and trade cooperation and the world economy.
