China and US to Discuss Mutual Tariff Reductions on $30 Billion in Goods

BEIJING, May 20. /TASS/. Delegations from China and the United States will discuss mutual tariff reductions on products worth at least $30 bln for each side, China’s Ministry of Commerce said.

"The parties agreed in principle to discuss under the trade council framework agreements on mutual reduction of tariffs on products of similar volume, which amounts to $30 bln or more for each of them," according to a commentary describing consultations that took place in South Korea on May 12-13.

For a range of goods that are "of mutual interest," it is expected that "most-favored tariffs or even lower ones will be applied," the ministry noted. "The implementation of these agreements will not only contribute to the stabilization and expansion of bilateral trade between China and the United States, but will also serve as a useful example for global open cooperation. Trade and economic delegations from both sides will maintain close contacts, agree on specific measures, and facilitate their speedy implementation," the commentary said.