On October 30th, the spokesperson of the Ministry of Commerce answered questions from reporters regarding the joint arrangement of the China US Kuala Lumpur Economic and Trade Consultation.

Q: It is understood that China and the United States reached a joint arrangement to address their respective economic and trade concerns during the Kuala Lumpur Economic and Trade Consultation. May I ask if the Ministry of Commerce can provide more information on the Kuala Lumpur Economic and Trade Consultation Consensus?

Answer: The heads of state of China and the United States just held a meeting in Busan, South Korea, where they discussed in-depth issues such as China US economic and trade relations, and agreed to strengthen cooperation in areas such as economy and trade. China is willing to work with the United States to jointly uphold and implement the important consensus reached during the meeting between the two heads of state.

The consensus reached by the China US economic and trade team through the Kuala Lumpur consultation mainly includes the following aspects:

1、 The US will cancel the 10% so-called "fentanyl tariff" imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and Macao Special Administrative Region), and the 24% equivalent tariff imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and Macao Special Administrative Region) will be suspended for another year. China will adjust its countermeasures against the above-mentioned tariffs imposed by the United States accordingly. Both parties agree to continue extending the partial tariff exclusion measures.

2、 The United States will suspend the implementation of its 50% penetration rule for export controls announced on September 29th for one year. China will suspend the implementation of relevant export control measures announced on October 9th for one year and will study and refine specific plans.

3、 The United States will suspend the implementation of its 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. After the US suspends the implementation of relevant measures, China will also correspondingly suspend the implementation of countermeasures against the US for one year.

Member of the Political Bureau of the Communist Party of China Central Committee and Vice Premier of the State Council, He Lifeng, poses for a photo with US Treasury Secretary Besson

In addition, the two sides also reached a consensus on cooperation in fentanyl drug control, expanding agricultural product trade, and handling individual cases of related enterprises. Both sides further confirmed the results of the Madrid economic and trade consultations, and the US made positive commitments in areas such as investment. China will properly resolve TikTok related issues with the US.

The positive results of the economic and trade consultations between China and the United States in Kuala Lumpur fully demonstrate that both sides uphold the spirit of equality, respect, and mutual benefit, and can find solutions to problems through dialogue and cooperation. The results of economic and trade consultations are hard won, and China looks forward to working together with the United States to implement them, injecting more certainty and stability into China US economic and trade cooperation and the world economy. (Source: Ministry of Commerce)

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