CCTV News (News Network): The spokesperson of the Ministry of Commerce introduced the status of China-US economic and trade consultations in Kuala Lumpur on October 30.

The spokesperson said: The heads of state of China and the United States met in Busan, South Korea on October 30. They discussed in depth Sino-US economic and trade relations and other issues, and agreed to strengthen cooperation in economic and trade and other fields. China is willing to work with the United States to jointly safeguard and implement the important consensus reached by the two heads of state.

The Sino-U.S. economic and trade teams negotiated in Kuala Lumpur and reached consensus on the following aspects:

1. The United States will cancel the 10% so-called "fentanyl tariff" imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and Macao Special Administrative Region), and the 24% reciprocal tariff imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and Macao Special Administrative Region) will continue to be suspended for one year. China will adjust its countermeasures against the above-mentioned US tariffs accordingly. Both sides agreed to continue extending some tariff exclusion measures.

2. The United States will suspend the implementation of the 50% penetration rule on export controls announced on September 29 for one year. China will suspend the implementation of relevant export control and other measures announced on October 9 for one year, and will study and refine specific plans.

3. The United States will suspend its Section 301 investigation measures against China’s maritime, logistics and shipbuilding industries for one year. After the United States suspends the implementation of relevant measures, China will correspondingly suspend the implementation of countermeasures against the United States for one year.

In addition, the two sides also reached consensus on fentanyl anti-drug cooperation, expanding agricultural product trade, and handling individual cases of relevant enterprises. The two sides further confirmed the results of the Madrid economic and trade consultations, and the United States has made positive commitments in investment and other fields. China will properly resolve TikTok-related issues with the United States.

The Sino-US economic and trade consultations in Kuala Lumpur have achieved positive results, which fully proves that both sides uphold the spirit of equality, respect and reciprocity and can find solutions to problems through dialogue and cooperation. The results of economic and trade consultations are hard-won, and China looks forward to working with the United States to implement them and inject more certainty and stability into China-U.S. economic and trade cooperation and the world economy.