Outcomes of fifth round of trade talks

The Ministry of Commerce unveiled on Thursday the outcomes achieved by China and the United States during the economic and trade consultations in Kuala Lumpur, Malaysia, last weekend.

・ The US will cancel the 10-percent so-called "fentanyl tariffs", and suspend, for another year, the 24-percent reciprocal tariffs levied on Chinese goods, including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region.

China will make corresponding adjustments to its countermeasures against the aforementioned US tariffs. Both sides have agreed to continue extending certain tariff exclusion measures.

・ The US will suspend, for one year, the implementation of a new rule announced on Sept 29 that extends its "entity-list" export restrictions to any entity that is at least 50 percent owned by one or more entities already on the list.

China will suspend the implementation of relevant export control measures targeting superhard materials, rare earths and battery-related items announced on Oct 9 for one year while studying and refining specific plans.

・ The US will suspend the implementation of measures under its Section 301 investigation targeting China's maritime, logistics and shipbuilding industries for one year.

China will correspondingly suspend the implementation of its countermeasures against the US for one year once the US suspension takes effect.

・ The two sides also reached consensus on issues including anti-drug cooperation on fentanyl, expanding trade in agricultural products, and the handling of individual cases involving relevant enterprises.