China Says It's Negotiating $30B Mutual Tariff Cuts With US, Pushing for Prompt Implementation

▲ U.S. President Donald Trump and Chinese President Xi Jinping

The Chinese government announced that the United States and China are holding follow-up negotiations to flesh out plans to reduce tariffs on $30 billion (approximately 45 trillion won) worth of goods each, an agreement reached following the Beijing summit last May.

During a regular briefing on the 10th, Chinese Ministry of Commerce spokesperson He Ling said, "The China-U.S. economic and trade teams are faithfully implementing the agreement reached by the leaders of the two countries at the Beijing summit," adding, "We are currently consulting on a reciprocal tariff reduction plan amounting to $30 billion."

The spokesperson further added, "We are pushing for prompt implementation."

Previously, the Chinese Ministry of Commerce announced following the summit in May that China and the US agreed to discuss lowering tariffs by selecting items of mutual interest, each valued at over $30 billion.

At the time, China explained that the items agreed upon by the two countries could be subject to most-favored-nation tax rates or even lower rates.

(Photo: Yonhap News)

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