How US benefits from trade with China in three easy graphs

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China says on Friday it hopes that consumers from China and the US can continue to benefit from positive trade relations.

"China has always been clear about its stance regarding China-US economic trade relations. We always believe that the essence of China-US trade is mutually beneficial and win-win,” Chinese Vice Finance Minister Zhu Guangyao made the remarks during a press conference.

“The trade volume between the two countries has exceeded 580 billion US dollars annually, which reflects a close relationship of cooperation."

Zhu added that China will lower tariffs for some consumer products, from various nations beginning July 1.

“We hope to expand imports on consumer goods, and enrich domestic consumption by lowering import duties. We also want to decrease prices for consumer goods via tariff cuts, implement policies that favor the Chinese people, and let them enjoy more benefits.”

On Wednesday, China's State Council announced that the country would slash import tariffs on consumer items, including apparel, cosmetics, home appliances, and medicine. The tariff reduction covers 1449 items, with the average tariff rate being reduced from 16 percent to 7 percent.

“The cuts are part of China's efforts to further open the consumer market, and force domestic companies to upgrade, and boost their competitiveness,” Zhu said.

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Zhu also said talks on specifics of US-China trade negotiations were under way.

Meanwhile, a US trade delegation of more than 50 officials arrived in Beijing on Wednesday for discussions, while US Commerce Secretary Wilbur Ross is expected to arrive in China on Saturday.

Key trade negotiators from previous talks

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