The United States and China have entered into an agreement as part of the implementation of agreements reached in trade negotiations between the two countries. This is stated in the message of the Ministry of Trade of the PRC following the results of the Chinese-American consultations held in London on June 9-10.
According to the report, Beijing will approve the applications for the export of controlled goods, the United States, in turn, will cancel a number of restrictive measures taken against China.
The statement notes that Beijing expects to comply with the “important consensus” of the leaders of the two states and the requirements voiced during their telephone conversation of June 5.
The hope is expressed that the parties will “strengthen consensus, reduce misunderstanding, develop cooperation and jointly promote a healthy, stable and sustainable development of trade and economic relations of the two countries.”
Tariff confrontation between the USA and China
On April 2, US President Donald Trump announced the introduction of additional duties against a number of trading partners, including China.
In response to this, Beijing introduced mirror measures, which provoked a tariff confrontation between the two countries. Ultimately, the United States raised duties on Chinese goods to 145%, and China for American goods up to 125%.
While additional tariffs for goods from other countries were postponed for 90 days, the tariffs against China entered into force immediately.
Against the backdrop of an exacerbation of a trade conflict, representatives of the United States and China held negotiations on May 10-11 in Geneva, as a result of which they agreed to temporarily reduce mutual duties by a period of 90 days.
According to the agreement reached, from May 14, the United States reduced duties for Chinese goods from 145% to 30%, and China from 125% to 10%.