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CN MOC: CN-US USD30B Reciprocal Tariff Cuts to Lower Tariffs on 90% of Products to MFN Rates; Dialogue on AI to Be Held Again Before End-Nov
2026-09-28 09:31:51 During Chinese President Xi Jinping's state visit to the US, the leaders of the two countries reached eight consensus outcomes, including a reciprocal tariff reduction arrangement covering USD30 billion. An official from the Department of American and Oceanian Affairs under China's Ministry of Commerce interpreted the outcomes of the eighth round of China-US economic and trade consultations, noting that both sides agreed to establish a China-US Trade Council under the China-US economic and trade consultation mechanism, with the primary task of optimizing bilateral trade. The economic and trade teams of both countries have reached consensus on the council's tasks, structure, responsibilities and consultation arrangements, with further details to be announced later. The Trade Council will first discuss the "USD30 billion for USD30 billion" reciprocal tariff reduction framework in a bid to reach consensus. An agricultural working group will be established under the Trade Council framework, and other arrangements to optimize bilateral trade will also be considered. It is believed that the Trade Council will provide an important platform and institutional safeguard for continuously expanding the list of cooperation and reducing the list of issues in China-US economic and trade relations, promoting sustained, stable and positive development of bilateral economic and trade ties. Both sides agreed to lower tariffs reciprocally on imported products from each other worth around USD30 billion, with tariffs on around 90% of products on each side to be reduced to most-favored-nation tariff levels. Both sides will implement the tariff reduction arrangements simultaneously after completing relevant procedures in accordance with their respective domestic laws. Further details of the reciprocal tariff reduction arrangement will be announced later. The arrangement will help further stabilize China-US economic and trade relations and create better conditions for exports of relevant Chinese products to the US. ~ AASTOCKS Financial News Website: www.aastocks.com | |