The Ministry of Commerce Photo: VCG

At a press conference of China's Ministry of Commerce (MOFCOM) on Thursday, a reporter noted that US President Donald Trump claimed in a social media post that China and the US have reached a deal, the US will collect a 55 percent tariff on China, China will collect a 10 percent tariff on the US, and that China will export magnets and rare-earth materials to the US as before, and asked the MOFCOM spokesperson's comment on that, according to a transcribe of the press conference released by the MOFCOM. 

In response, MOFCOM Spokesperson He Yadong said that during the first meeting of the China-US economic and trade consultation mechanism, both sides discussed and reached principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva, and made new progress in addressing each other's economic and trade concerns. 

"China's position of opposing unilateral tariff increases is consistent. China urges the US to abide by WTO rules and work with China to promote the stable and sustainable development of China-US economic and trade relations in accordance with the principles of mutual respect, peaceful coexistence and win-win cooperation," He said, according to the MOFCOM. 

Global Times