In a significant step toward easing trade tensions, China and the United States have agreed to reduce tariffs on each other’s goods, according to a spokesperson from China’s Ministry of Commerce.
Following recent economic and trade meetings, both nations issued a joint statement highlighting their commitment to resolving differences through equal dialogue and consultation. The move is seen as laying a foundation for further bridging gaps and deepening cooperation between the two largest economies in the world.
The spokesperson noted that China and the United States recognize the importance of their bilateral economic and trade relationship, not just for themselves but for the global economy. They emphasized the need for a sustainable, long-term, and mutually beneficial partnership.
As part of the agreement, the United States will remove 91% of additional tariffs on Chinese products. In response, China will cut 91% of its countermeasure additional tariffs on U.S. imports. Additionally, the U.S. will suspend a 24% “reciprocal tariff,” and China will likewise suspend a 24% countermeasure tariff.
“These initiatives meet the expectations of manufacturers and consumers in both countries and align with the interests of both nations and the global community,” the spokesperson said.
China expressed hope that the United States will continue to work collaboratively, move in the same direction, and fully rectify its practice of imposing unilateral tariffs. The goal is to continuously enhance mutually beneficial cooperation and maintain the healthy, stable, and sustainable development of bilateral economic and trade relations.
“This agreement injects greater certainty and stability into the world economy,” the spokesperson added.
