China’s Ministry of Commerce said on July 23 that Chinese and U.S. economic and trade teams are in close communication over the structure, functions and operating model of a proposed trade council, while also discussing a reciprocal tariff-reduction framework covering $30 billion on each side. The update was delivered by Meng Huating, director-general of the ministry’s Department of Foreign Investment Administration, during a State Council Information Office press briefing in response to a question about progress on the planned trade and investment councils. Meng said China is broadly soliciting views on the proposed tariff-cut arrangements from domestic companies, business associations, local governments, and chambers of commerce representing U.S.-funded firms. The U.S. side is also seeking public comments on the trade council and reciprocal tariff-reduction arrangements. According to the statement, both sides will stay in close contact, work to settle tariff-cut plans for specific products as soon as possible, and push for implementation to expand bilateral trade.
China’s Ministry of Commerce said July 23 that Chinese and U.S. economic and trade teams are maintaining close communication over specific arrangements for a trade council, including its structure, functions and operating model, while discussing a reciprocal tariff-reduction framework worth $30 billion on each side.
According to Xinhua, the comments were made by Meng Huating, director-general of the ministry’s Department of Foreign Investment Administration, at a State Council Information Office press conference on July 23. Meng was responding to a question about progress in setting up trade and investment councils between China and the United States.
Meng said China is widely soliciting opinions on the proposed tariff-reduction arrangements from domestic companies, business associations, local governments, and chambers of commerce representing U.S.-funded enterprises. The U.S. side is also seeking public comments on the trade council and the reciprocal tariff-cut arrangements.
She said the two sides will remain in close contact, work to finalize tariff-reduction arrangements for specific products as soon as possible, and move implementation forward in a bid to expand bilateral trade.
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