The US will implement the results of the China US economic and trade consultations

The US is advancing the implementation of the preliminary results of the China US economic and trade consultations, including preparations for the establishment of the China US Trade Council and the implementation of a $30 billion reduction in tariffs on goods. According to Bloomberg, US Trade Representative Greer announced on the 26th local time that he will soon publish a notice in the Federal Register to solicit public opinion on the establishment of the US China Trade Council. The report states that this is the formal procedure for establishing a new mechanism to manage the economic and trade relations between the two countries.

Reuters quoted Greer's statement on the 26th that the Office of the United States Trade Representative will solicit public opinions on which Chinese goods to reduce tariffs on and will issue a public notice in the near future. In addition, Greer reiterated the same old tune and defended the US tariff policy, claiming that reducing tariffs on $30 billion worth of Chinese goods would not cause the supply chain to flow back to China.

On the 16th, the spokesperson of the Ministry of Commerce announced the preliminary results of the China US economic and trade consultations, including the agreement to establish a Trade Council and an Investment Council, as well as to discuss product tax reductions through the Trade Council.

On the 20th, the head of the US Department of Commerce further interpreted the preliminary results of the China US economic and trade consultations, stating that the economic and trade teams of both sides will maintain close communication and form specific arrangements for the structure, functions, and operation mode of the council as soon as possible. At the same time, both parties have agreed in principle to discuss the framework arrangement for equivalent tariff reduction for products of equal scale under the Trade Council, with each party having a scale of 30 billion US dollars or more.

Professor Wan Zhe from Beijing Normal University told Global Times on the 27th that the essence of China US relations is mutual benefit and win-win. After reaching preliminary consultation results, the Chinese side expressed sincerity, and now the US side is following up and implementing relevant consensus, which will play a positive role in expanding cooperation and stabilizing bilateral economic and trade relations. Wan Zhe believes that stabilizing economic and trade relations with China will contribute to the stability of the domestic macroeconomic and financial markets in the United States, as well as the development of more Chinese markets for related American products. Therefore, reaching and gradually promoting the implementation of economic and trade consultation results with China is in line with the interests of the United States and a wise move.