PVTIME – On 12 May, significant progress was made in the high-level economic and trade talks between the United States and China, marking a major step forward in bilateral economic relations. The two sides agreed to substantially reduce tariff levels, with the US set to eliminate 91% of the additional tariffs it imposed on Chinese goods. In a reciprocal move, China will remove 91% of its counter-tariffs.
Furthermore, the US has decided to suspend the implementation of 24% of its ‘reciprocal tariffs’, a move to which China will respond in kind by suspending its corresponding 24% counter-tariffs. These reciprocal actions will alleviate the burden on businesses and consumers on both sides, and signal a positive shift in the trade environment.
Alongside the tariff adjustments, the two economic powerhouses have agreed to establish a US-China economic and trade consultation mechanism. Led by high-level officials from both countries, this mechanism will ensure close communication on economic and trade concerns. Regular and ad hoc consultations will be held in the US, China or a third country agreed upon by both parties, providing a stable platform for further in-depth discussions.
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