China, US push ahead with reciprocal tariff reductions

China and the United States are consulting relevant stakeholders on arrangements for reciprocal tariff cuts and will move swiftly to put them into effect, the Ministry of Commerce said on Thursday, an effort expected to further boost bilateral trade.

Meng Huating, a ministry official, said at a news conference in Beijing that the two countries' economic and trade teams are maintaining close communication on specific arrangements for the trade council — a mechanism the two sides agreed to establish under the consensus reached by the two heads of state — and a reciprocal tariff reduction framework covering $30 billion worth of products on each side.

"China is consulting widely on the proposed tariff reductions, seeking views from domestic companies and business associations, local governments, and US companies and chambers of commerce in China. The US side, meanwhile, is seeking public comment on the board and the tariff framework," Meng said.

The two sides will maintain close communication, finalize tariff reduction arrangements for specific products and work to advance their implementation as soon as possible, creating favorable conditions for further expanding bilateral trade, she added.