On tariffs, China and US ask industry a US$30 billion question
China and the United States are soliciting industry feedback on potential tariff reductions through a newly established bilateral board of trade. Officials from both nations are working to finalize the framework ahead of a high-level diplomatic visit later this year.
Why it matters
The potential for tariff relief on $30 billion worth of goods signals a significant shift in US-China trade relations and global economic policy.
Beijing and Washington are actively soliciting industry feedback on potential bilateral tariff reductions under the newly established board of trade, according to China’s commerce ministry.
“The Chinese side is widely soliciting views from stakeholders – including domestic firms, business associations, local governments as well as American firms and business associations – on relevant tariff reduction arrangements,” Meng Huating, director of the Ministry of Commerce’s Department of Foreign Investment Administration, told a press conference in Beijing on Thursday.
The United States was also collecting public feedback on the trade board as the two sides continued to iron out details regarding its “framework, functions and operational model”, Meng added.
Beijing and Washington announced the board of trade, along with a board of investment, following US President Donald Trump’s state visit to China in May, targeting tariff relief on about US$30 billion worth of goods on each side.
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