China's Ministry of Commerce on Thursday unveiled the outcomes achieved by Chinese and U.S. delegations during their recent economic and trade talks in Kuala Lumpur.
The U.S. side will cancel the 10-percent so-called "fentanyl tariffs" and suspend, for an additional 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, according to a spokesperson of the ministry.
China will make corresponding adjustments to its countermeasures against the aforementioned U.S. tariffs, the spokesperson said, noting that both sides have agreed to continue extending certain tariff exclusion measures.
The United States will suspend for one year the implementation of a new rule announced on Sept. 29 that expands its "entity-list" export restrictions to any entity that is at least 50 percent owned by one or more entities on the list. China will suspend the implementation of relevant export control measures announced on Oct. 9 for one year and will study and refine specific plans, the spokesperson said.
The U.S. side will suspend the implementation of measures under its Section 301 investigation targeting China's maritime, logistics and shipbuilding industries for one year. In response, China will correspondingly suspend the implementation of its countermeasures against the U.S. side for one year once the U.S. suspension takes effect, according to the spokesperson.
In addition, the two sides also reached consensus on issues including anti-drug cooperation on fentanyl, expanding agricultural product trade, and the handling of individual cases involving relevant enterprises, according to the spokesperson.
Both sides further confirmed the outcomes of the Madrid economic and trade talks. The U.S. side made positive commitments in areas such as investment, and China will properly resolve issues related to TikTok with the U.S. side.
The China-U.S. economic and trade talks in Kuala Lumpur have yielded positive results, demonstrating that by upholding the spirit of equality, respect and mutual benefit, and through dialogue and cooperation, the two sides can find solutions to problems, the spokesperson said.
Noting that the outcomes are hard won, the spokesperson said China looks forward to working with the U.S. side to jointly ensure the implementation of the outcomes, and inject more certainty and stability into bilateral economic and trade cooperation as well as the world's economy.
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