China and the United States will hold further consultations on reciprocal tariff reductions under the mechanism of the trade council, the Ministry of Commerce said on Thursday.
He Yadong, a spokesman for the ministry, said at a news conference that the two sides agreed to set up the council and to discuss tariff cooperation, including reciprocal reductions.
“The trade teams from both countries will hold further consultations on the arrangements,” he added.
Under the proposed arrangement, the two sides have agreed in principle to discuss a framework for reciprocal tariff reductions on products of equivalent scale, with each side covering $30 billion or more in goods.
Meanwhile, products of mutual concern, as agreed by both sides, are expected to enjoy most-favored-nation tariff rates or even lower rates.
He also noted that trade cooperation between China and the US in aircraft and agricultural products is mutually beneficial.
The two sides will continue to maintain communication, encouraging and guiding their enterprises to strengthen connections and expand trade cooperation in these areas, He added.
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