Ministry of Commerce: China and the United States are seeking advice on tax reduction arrangements and will facilitate their implementation as soon as possible

On 23 July, at a press conference organized by the Ministry of Commerce and Foreign Affairs, Menghua Ting, in response to a question on the progress of the establishment of the Trade Council and the Investment Council between China and the United States, said that, at present, the Chinese and American economic and trade teams were maintaining close communication on specific arrangements, such as the Council ' s structure, functions, operating modalities, etc., and were exploring ways to move forward on the 30 billion-dollar equivalent tariff reduction framework arrangements. China is in the process of consulting with a wide range of stakeholders, including domestic enterprises, business associations, local governments and United States business associations, on proposals for tax reduction arrangements, and the United States is also seeking public comments on trade councils and equivalent tax reduction arrangements. Close exchanges will be maintained between the two sides to agree as soon as possible on and facilitate the implementation of tariff reduction arrangements for specific products and to further expand bilateral trade。