China announces details of results from the eighth round of its recent trade talks with the United States
China announced the results of the eighth round of trade talks with the United States, which included lowering tariffs on goods worth $30 billion and establishing a trade council and an investment council.
Translated by Qiyas from كونا — Original source
Beijing, Sept 28 (KUNA) -- China announced on Monday the details of the outcomes of the eighth round of China-US trade talks, held from September 20 to 23 in New York and Washington, with the key result being a mutual reduction of tariffs on $30 billion worth of goods.
The Chinese Ministry of Commerce said in a statement carried by the Xinhua News Agency that the two countries agreed to establish a trade council to explore ways to improve bilateral trade. Within the framework of this council, they reached an agreement on granting mutual tariff reductions on imports valued at $30 billion, based on the principle of reciprocity.
It added that more than 90 percent of these products would be exempt from all additional reciprocal tariffs and would receive most-favored-nation treatment.
The ministry clarified that the United States would reduce tariffs on approximately $30 billion worth of Chinese products, including toys, household electrical appliances, baby supplies, kitchen and bathroom utensils, and holiday gifts. In return, China would reduce tariffs on nearly $30 billion worth of American products, including agricultural products, personal care products, medical devices, and coal.
It noted that this arrangement would help expand the volume of US coal imports to achieve a win-win outcome in the coming two years, and would be implemented after the completion of relevant legal procedures in both countries.
Accordingly, the two countries agreed to establish an investment council to enable regular dialogue on investment opportunities and obstacles, address corporate concerns, and set up an agricultural working group aimed at discussions on issues related to mutual market access and regulation concerning agricultural products. The first meeting of the group is scheduled to be held by the end of this year.
The two sides also decided to extend the mutual suspension of certain tariff and non-tariff measures reached during last October’s talks in Kuala Lumpur for two months, until January 10, 2027, to continue discussing the issue until they find a mutually satisfactory solution in the future.
The two sides exchanged views on increasing direct flights between the two countries and agreed to keep communication channels open on the matter. (End) S.L.Q / N.A.A
