China, U.S. maintain close communication on tariff cuts, trade, investment: spokesperson

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China and the United States are maintaining close communication on implementing reciprocal tariff cuts covering around 30 billion U.S. dollars worth of imports on each side, as…

BEIJING, Nov. 12 (Xinhua) -- China and the United States are maintaining close communication on implementing reciprocal tariff cuts covering around 30 billion U.S. dollars worth of imports on each side, as well as on issues of mutual concern in trade and investment, China's Ministry of Commerce said on Thursday.

The reciprocal tariff-cut arrangement will help stabilize and expand bilateral trade, and business communities in both countries have high expectations for it, ministry spokesperson He Yadong told a regular press conference.

The two sides are currently in close communication on implementing the arrangement, He said, expressing hope that the United States will work with China to put it into effect at an early date and create more favorable conditions for bilateral agricultural trade.

He said the two sides are also maintaining close communication on their respective concerns in areas including trade and investment, adding that relevant progress will be announced in due course.

Under the reciprocal tariff-cut arrangement previously agreed by the two sides, China and the United States will each lower tariffs on about 30 billion U.S. dollars worth of imports from the other side after completing their respective domestic legal procedures. More than 90 percent of the products covered will be exempt from all additional tariffs imposed on each other and receive most-favored-nation tariff treatment. ■

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