BEIJING: China and the United States have agreed in principle to explore a reciprocal tariff reduction framework under their trade council covering products of equivalent scale worth $30 billion or more on each side, Chinaās Ministry of Commerce announced on Wednesday.
According to a ministry official, the proposed arrangement would allow selected goods of mutual concern to benefit from most-favored-nation tariff rates or even lower duties. The understanding is part of recent ChinaāU.S. economic and trade consultations aimed at easing trade tensions and improving market access.
Once finalized, the framework is expected to help stabilize and expand bilateral trade while also offering a reference point for broader global cooperation on open markets. Both sides will continue close communication to define specific terms and work toward early implementation.
