The United States announced the details of a joint plan with China to reduce tariffs
The US government has unveiled details of a joint plan with China to reduce tariffs on imports from each country of goods totaling about $30 billion. The agreement was reached at a summit of the leaders of the countries Donald trump and Xi Jinping.
The US government has unveiled details of a joint plan with China to reduce tariffs on imports from each country of goods totaling about $30 billion. The agreement was reached at a summit of the leaders of the countries Donald trump and Xi Jinping.
According to a list released by the White House, U.S.-imported goods recommended under the agreement include fireworks, household goods, sports equipment and toys. China's import list includes meat, seafood, dairy products, grain, coal, timber and medical equipment. The Chinese side will soon publish or confirm the list of goods.
On Monday, the Ministry of Commerce announced that the tariff reduction will occur simultaneously after the implementation of procedures stipulated by domestic law. Tariffs on about 90% of the goods designated in the agreement will be reduced to the most favored nation level. The statement also outlined some of the other outcomes of the latest round of trade negotiations. The two sides agreed to establish a joint trade council, a working group on agriculture, and regular discussions on investment barriers. A dialogue on artificial intelligence has also been launched.
Read more in the material “Kommersant” “Tariff with a presidential discount”.
Ernest Philippowski
