China and the United States discuss reciprocal tariff reductions on goods worth at least $30 billion

Within the framework of the Trade Council, both sides agreed to discuss a framework agreement on reciprocal tariff reductions for products with a similar volume, valued at $30 billion or more for each side, according to a statement from the Chinese Ministry of Commerce. The items of mutual interest will be subject to tariffs under most-favoured-nation (MFN) treatment or a lower regime. The trade and economic delegations on both sides will continue to maintain close communication, agree on concrete steps, and immediately begin implementing them. The development comes after US President Donald Trump’s state visit to China in May, his first in nine years, from 13-15 May, during which he met President Xi Jinping. Source: Sputnik/RIA Novosti.