China and the United States will hold talks on reducing reciprocal tariffs on goods worth at least 30 billion U.S. dollars (Rp529 trillion) for each party, according to the Chinese Ministry of Commerce.
"Within the framework of the Trade Council, both parties agreed to discuss a framework agreement on the reduction of reciprocal tariffs on products of similar volume, worth 30 billion US dollars or more for each party," according to the statement.
Goods that are of mutual interest, the statement continued, will be applied tariffs based on most-favored nation (MFN) treatment or lower.
According to the Chinese Ministry of Commerce, the implementation of the agreement will not only help stabilize and expand bilateral trade between China and the US, but also serve as an example of open global cooperation.
The trade and economic delegations of the two countries will also continue to maintain close communication, agree on concrete measures, and immediately start implementing them.
The development came after US President Donald Trump made his first state visit to China in nine years, on May 13-15, meeting with Chinese President Xi Jinping.
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