The Chinese and US economic and trade teams are discussing a reciprocal tariff reduction framework, with each side planning tariff cuts worth $30 billion, Meng Huating, an official of China’s Ministry of Commerce, said on Thursday.
In response to a question regarding progress on the establishment of the China-US trade and investment councils at a press conference, Meng said that the economic and trade teams of both countries are currently maintaining close communication on specific arrangements for the trade council, such as its structure, functions, and operational models.
The Chinese side is soliciting extensive opinions from domestic enterprises, business associations, local governments, US business associations and other stakeholders on the proposed tariff reduction plans, she said.
Meanwhile, the US side is collecting public comments concerning the trade council and the reciprocal tariff cut arrangements, Meng said.
Both sides will maintain close communication to finalize arrangements for tariff reductions on specific products at an early date and advance their implementation to further expand bilateral trade, she added.
