US and China Coordinate $30 Billion Reciprocal Tariff Cuts
China and the United States are coordinating reciprocal tariff cuts on 30 billion dollars of imports to stabilize and expand bilateral trade.
The Government of China and the federal government of the United States are coordinating the implementation of a reciprocal tariff-cut agreement covering approximately 30 billion U.S. dollars in imports for each nation. Under the terms of the arrangement, more than 90 percent of the covered products will be exempt from additional tariffs and will receive most-favored-nation treatment once both countries complete their domestic legal procedures.
China's Ministry of Commerce stated that the two sides are also communicating regarding mutual concerns in trade and investment. Ministry spokesperson He Yadong indicated that the arrangement aims to stabilize and expand bilateral trade. He specifically expressed hope that the United States will work to implement the cuts quickly to improve conditions for agricultural trade.
