The Chinese Ministry of Commerce (MOFCOM) announced on Thursday the positive outcomes of the recent China-US economic and trade discussions held in Kuala Lumpur. According to an official spokesperson, the talks demonstrated that through equality, mutual respect, and constructive dialogue, both nations can effectively address trade-related challenges and promote cooperation.
During the discussions, the United States agreed to cancel the 10-percent “fentanyl tariffs” and extend by one year the suspension of 24-percent reciprocal tariffs on Chinese goods, including those from Hong Kong and Macao. In response, China will make corresponding adjustments to its countermeasures and maintain certain tariff exclusion measures previously agreed upon.
The US will also delay for one year the enforcement of a new rule, announced on September 29, that expands its “entity-list” export restrictions to entities with 50-percent or greater ownership links to listed firms. China will similarly suspend related export control measures introduced on October 9 and continue refining specific plans.
Additionally, the United States will pause for one year the implementation of its Section 301 investigation measures targeting China’s maritime, logistics, and shipbuilding industries. China will reciprocate by suspending its countermeasures once the US decision takes effect.
Both sides reached consensus on multiple fronts, including cooperation against fentanyl trafficking, the expansion of agricultural trade, and the resolution of individual cases involving relevant enterprises. They also reaffirmed outcomes from previous Madrid trade discussions, with the United States making new investment commitments and China agreeing to address issues related to TikTok in coordination with the US side.
Acknowledging that the progress was hard-earned, the MOFCOM spokesperson emphasised China’s readiness to work jointly with the United States to ensure proper implementation of the agreed measures. Both sides aim to enhance bilateral trade stability and contribute to greater certainty in the global economy.
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