China releases details of outcomes of talks with US in Malaysia

Outcomes of the recent China-US economic and trade talks in Kuala Lumpur include US cancellation of the 10-per cent ‘fentanyl tariffs’ and suspension, for an additional year, the 24-per cent reciprocal tariffs levied on goods from China, Hong Kong and Macau. China will make corresponding adjustments to its countermeasures, China’s Ministry of Commerce has said.

Both sides agreed to continue extending certain tariff exclusion measures, a ministry spokesperson said.

Outcomes of the recent China-US talks in Kuala Lumpur include US cancellation of the 10-per cent ‘fentanyl tariffs’ and suspension, for another year, the 24-per cent reciprocal tariffs on goods from China, Hong Kong and Macau.
China will make similar adjustments to its countermeasures.
Both sides will continue extending certain tariff exclusion measures.
China will resolve TikTok issues with the US.

The United States will suspend for one year the implementation of a new rule announced on September 29 that expands its ‘entity-list’ export restrictions to any entity that is at least 50 per cent owned by one or more entities on the list.

China will suspend the implementation of relevant export control measures announced on October 9 for a year and will study and refine specific plans, the spokesperson was cited as saying by a state-controlled news agency.

The US side will suspend the implementation of measures under its Section 301 investigation targeting China’s maritime, logistics and shipbuilding industries for a year. China will follow by suspending the implementation of its countermeasures for a year.

In addition, the two sides also reached consensus on issues including anti-drug cooperation on fentanyl, expanding agricultural product trade and the handling of individual cases involving relevant enterprises, the spokesperson said.

China will properly resolve issues related to TikTok with the US side.

Chinese President Xi Jinping said in Busan, South Korea, yesterday that he is ready to continue working with President Donald Trump to build a solid foundation for bilateral ties, and create a sound atmosphere for the development of both countries.

“China and the United States should be partners and friends. That is what history has taught us and what reality needs,” he said.

It is normal for the two leading economies of the world to have frictions now and then, Xi noted.

He called on teams from both sides to work out and finalise the follow-up steps as soon as possible, and ensure that the common understandings are effectively upheld and implemented, to inject confidence into the two countries as well as the global economy through solid deliverables.

Fibre2Fashion News Desk (DS)