(MENAFN- Kuwait News Agency (KUNA)) BEIJING, Oct 30 (KUNA) -- China announced Thursday that Chinese and US working teams reached key agreements during talks in Malaysia, marking a step toward easing trade tensions between the world's two largest economies.
The Chinese Ministry of Commerce said the United States would lift a 10-percent tariff on Chinese goods, reported the national TV, including items from Hong Kong and Macao, imposed under the pretext of the fentanyl issue.
Washington will also extend the suspension of 24-percent reciprocal tariffs on Chinese imports, while China will adjust countermeasures against US tariffs, with both sides agreeing to continue certain tariff exemptions.
The US will suspend for one year the enforcement of export control rules announced September 29, while China will postpone similar export restrictions on rare earth metals and selected technologies announced October 9.
Washington will delay by one year the implementation of its Section 301 investigation into China's shipping, logistics, and shipbuilding sectors, in exchange for Beijing postponing port fees on US vessels docking in China.
Both sides also agreed to strengthen cooperation against fentanyl-related trafficking, expand agricultural trade, and work jointly toward a resolution of the TikTok issue through appropriate channels.
China emphasized that these positive outcomes demonstrate both sides can resolve disputes through dialogue, cooperation, and a spirit of equality, respect, and mutual benefit.
The announcement followed a summit in Busan, South Korea, where Chinese President Xi Jinping met US President Donald Trump to discuss bilateral trade and economic issues.
President Xi stressed prioritizing long-term cooperation benefits over cycles of retaliation, underlining that dialogue and negotiation remain preferable to confrontation in managing bilateral and global challenges. (end)
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