China signed an agreement with the United States to reduce tariffs affecting tens of billions of dollars worth of goods from both countries.

This was announced in an official Chinese statement on Wednesday, May 20, following the meeting in Beijing between Donald Trump and Xi Jinping.

“As a result of their summit last week, a trade council was established, under whose auspices both sides agreed in principle to discuss a framework agreement for the reciprocal reduction of tariffs on equivalent-scale products,” the Chinese Ministry of Commerce stated.

Tariff cuts are expected to affect goods valued at “$30,000 or more for each side,” an anonymous source indicated.

China is confident that the U.S. will honor its commitment and has requested an extension of the trade truce agreements reached last year. Furthermore, the Ministry of Commerce reported that the country will reinstate the registrations of some U.S. beef exporters, which expired last year.

M.Pino

Source: ultimahora

(Reference image source: Rinson Chory on Unsplash)

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