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MOFA: Sooner U.S. removes tariffs on Chinese goods, sooner American consumers will benefit
CGTN
The main office of the Ministry of Foreign Affairs, Beijing, China. /CFP

The main office of the Ministry of Foreign Affairs, Beijing, China. /CFP

Given the high inflation in the United States, the sooner tariffs on Chinese goods are removed, the sooner American consumers and businesses will benefit, China's Ministry of Foreign Affairs (MOFA) said on Tuesday.

The comment followed a virtual call between Chinese Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen earlier in the day. The two sides had an exchange of views on such topics as the macroeconomic situation and the global industrial and supply chains that MOFA spokesperson Zhao Lijian said was "constructive."  

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Zhao objected to the accusation of China's "non-market economic practices" contained in a U.S. readout, saying "what the U.S. said does not comport with facts."

The past 40-plus years witnessed the success of China's economy, its reform and opening-up policy, and marrying the market with the role of government, Zhao said, adding that this is "a valuable experience of China's economic development."

China's reform and opening-up not only benefit the country's economic development but also make a key contribution to the prosperity of the world economy, he said.

Regarding additional tariffs the U.S. imposed on China, Zhao urged the lifting of them for the good of the two countries and the world. 

The removal of tariffs on imported Chinese goods will strip 1 percent from inflation in the U.S., Zhao said, citing an estimate of U.S. think tanks.

Inflation in the U.S. has reached a 40-year high due to the high prices of food and energy. The country's central bank, the Federal Reserve, has acted aggressively in hiking interest rates to tame prices, causing a recession concern. 

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