Golden Finance reported that on June 10 local time, Li Chenggang, the representative for international trade negotiations and vice minister of the Ministry of Commerce, disclosed in London when talking about the first meeting of the China-Us economic and trade consultation mechanism that China and the United States have carried out professional, rational, in-depth and candid communication and exchanges. Furthermore, the two sides have reached a framework in principle for implementing the consensus reached by the two heads of state during the phone call on June 5th and the consensus reached at the Geneva talks.
The first meeting of the China-Us economic and trade consultation mechanism was officially launched in London, UK on June 9 local time. He Lifeng, a member of the Political Bureau of the Central Committee of the Communist Party of China and vice Premier of The State Council, held talks on behalf of China with the US side. As the two largest economies in the world, the economic and trade relations between China and the United States have always attracted worldwide attention. Since the beginning of this year, the heads of state of the two countries have held many phone calls, emphasizing the importance of the stable and healthy development of bilateral economic and trade relations. Especially during the phone call on June 5th, the two sides exchanged views on promoting economic and trade cooperation and other related matters, pointing out the direction for the subsequent economic and trade consultations. Previously, on May 12th, the high-level economic and trade talks between China and the United States held in Geneva also reached important consensus. This London meeting is a further advancement and implementation of the Geneva consensus.
At this London conference, the two sides discussed several important topics, covering areas such as tariff adjustment, trade balance, technological cooperation and market access. The US side has committed to canceling the total 91% tariffs imposed on Chinese goods in accordance with Executive Orders No. 14259 of April 8, 2025 and No. 14266 of April 9, 2025. Amend the 34% equivalent tariff imposed on Chinese goods by Executive Order No. 14257 of April 2, 2025. Among them, the 24% tariff will be suspended for 90 days, while the remaining 10% tariff will be retained. China will also accordingly lift a total of 91% of the countermeasures tariffs imposed on US goods. In response to the 34% reciprocal tariffs imposed by the US, the corresponding 24% of the tariffs will be suspended for 90 days, while the remaining 10% of the tariffs will be retained. In addition, China will accordingly suspend or cancel non-tariff countermeasures against the United States.
The framework agreement reached this time is an important step taken by both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation. This achievement is not only conducive to further enhancing trust between China and the United States and promoting the development of bilateral economic and trade relations in a stable and healthy direction, but also will inject positive energy into the recovery and development of the global economy. At present, after returning to their respective countries, the teams of both sides will report the relevant contents to their national leaders. Subsequently, they still need to go through a series of internal processes and procedures to ensure that the framework of the agreement can be effectively implemented and executed.
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