A spokesperson for China's Ministry of Commerce stated on the 30th that the heads of China and the United States had just held a meeting in Busan, South Korea, for in-depth discussions on China-US economic and trade relations and other topics, agreeing to strengthen cooperation in economic, trade and other fields. China is willing to work with the US side to jointly maintain and implement the important consensus reached by the two heads of state.
According to the Ministry of Commerce, the main consensus achievements of the China-US economic and trade teams through consultations in Kuala Lumpur are as follows:
1. The US side will remove the so-called "fentanyl tariff" of 10% imposed on Chinese goods (including goods from Hong Kong and Macau), and the reciprocal tariff of 24% imposed on Chinese goods (including goods from Hong Kong and Macau) will continue to be suspended for one year. China will make corresponding adjustments to its countermeasures against these tariffs from the US side. Both sides agreed to continue extending certain tariff exclusion measures.
2. The US side will suspend implementation of its “50% Penetration Rule” export controls announced on September 29 for one year. The Chinese side will suspend related export control measures announced on October 9 for one year as well, and will study and refine specific plans.
3. The US side will suspend implementation of its Section 301 investigative measures against China’s maritime, logistics, and shipbuilding industries for one year. After the US side suspends the relevant measures, the Chinese side will also correspondingly suspend countermeasures against the US for one year.
In addition, both sides reached consensus on cooperation in fentanyl prohibition, expanding agricultural trade, handling specific enterprise cases, and other issues. Both sides further confirmed the achievements of the Madrid economic and trade consultations, with the US side making positive commitments in the investment sector and China promising to properly resolve issues related to TikTok.
The Ministry of Commerce pointed out that the China-US Kuala Lumpur economic and trade consultations have achieved positive results, fully demonstrating that, by adhering to the spirit of equality, respect, and mutual benefit, and through dialogue and cooperation, both sides can find ways to solve problems. The economic and trade consultation results have not come easily, and China looks forward to working with the US to implement them well, injecting more certainty and stability into China-US economic and trade cooperation and the world economy.