China unveils outcomes of China-U.S. economic, trade talks in Kuala Lumpur

China's Ministry of Commerce on Thursday unveiled the outcomes of the Chinese and U.S. delegations' recent economic and trade talks in Kuala Lumpur.

The U.S. side will cancel the 10-percent so-called "fentanyl tariffs" and suspend, for an additional year, the 24-percent reciprocal tariffs levied on Chinese goods, including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region, according to a ministry spokesperson.

The spokesperson said that China will adjust its countermeasures to the U.S. tariffs accordingly, noting that both sides agreed to continue extending certain tariff-exclusion measures.

The United States will suspend for one year the implementation of a new rule announced on September 29 that expands its "entity-list" export restrictions to any entity that is at least 50 percent owned by one or more entities on the list. China will suspend the implementation of relevant export control measures announced on October 9 for one year and will study and refine specific plans, the spokesperson said.

The U.S. will suspend measures under its Section 301 investigation targeting China's maritime, logistics, and shipbuilding industries for one year. In response, China will likewise suspend its countermeasures against the U.S. for one year once the U.S. suspension takes effect, the spokesperson said.

Additionally, the two sides agreed on issues such as anti-drug cooperation on fentanyl, expanding trade in agricultural products, and managing individual cases involving relevant companies, according to the spokesperson.

Both sides further confirmed the results of the Madrid economic and trade talks. The U.S. side made positive commitments in areas like investment, and China will appropriately resolve issues related to TikTok with the U.S. side.

The China-U.S. economic and trade talks in Kuala Lumpur have produced positive results, showing that by maintaining the spirit of equality, respect, and mutual benefit, and through dialogue and cooperation, the two sides can find solutions to their issues, the spokesperson said.

Noting that the outcomes are hard-earned, the spokesperson said China looks forward to working with the U.S. side to jointly implement the outcomes and bring more certainty and stability to bilateral economic and trade cooperation and the global economy.