Commerce ministry: China-U.S. joint statement an important step toward resolving differences

A spokesperson for China's Ministry of Commerce said on Monday that China and the United States reached a joint statement following the economic and trade meeting between the two countries, adding that it marks an important step by both sides to resolve differences through equal dialogue and consultation, laying the foundation and creating conditions for further bridging differences and deepening cooperation.

Commenting on the statement, the spokesperson noted that both sides reached a number of positive consensuses. China and the United States recognized the importance of their bilateral economic and trade relationship to both countries and the global economy and the significance of a sustainable, long-term, and mutually beneficial economic and trade relationship.

The spokesperson said that the high-level meeting achieved substantial progress by significantly reducing bilateral tariff levels. The United States will remove a total of 91-percent additional tariffs on Chinese products and China will accordingly cut 91-percent countermeasure additional tariffs on U.S. imports. The United States will suspend a 24-percent "reciprocal tariff" and China likewise will suspend a 24-percent countermeasure tariff.

Such initiatives met the expectations of manufacturers and consumers in both countries, and is in line with the interests of both nations and the broader global community, said the spokesperson.

The spokesperson expressed the hope that the U.S. side will continue to work with China, move in the same direction, and fully rectify its erroneous practice of imposing unilateral tariffs.

China also hopes that the two countries will be able to continuously enhance mutually beneficial cooperation and maintain the healthy, stable, sustainable development of bilateral economic and trade relations to inject greater certainty and stability into the world economy, the spokesperson said.

(With input from Xinhua)