China urges US to jointly implement $30 billion reciprocal tariff cuts: MOFCOM
He Yadong, a spokesperson of the Ministry of Commerce (Photo: Yin Yeping/GT)
The "$30 billion for $30 billion" reciprocal tariff-cut framework can help stabilize and expand China-US trade, China's Ministry of Commerce spokesperson He Yadong said Thursday during a regular press conference.
He said both sides are in close contact on implementation and urged the US to work with China to put the framework into effect soon and facilitate agricultural trade. Close communication on trade and investment concerns are also ongoing, with updates to be released in due course, He added.
MOFCOM said on September 28 that the two sides reached the agreement during their eighth round of economic and trade talks. Tariffs on about 90 percent of the products covered on each side will fall to most-favored-nation rates. The cuts will take effect simultaneously after both sides complete their domestic legal procedures. China's list includes US farm products, medical devices and coal, while the US list includes Chinese toys and home appliances.