The Ministry of Commerce of China File photo: VCG

China and the US have agreed to reduce tariffs on about $30 billion worth of imports from each other on a reciprocal basis, with tariffs on about 90 percent of the products on each side to be lowered to most-favored-nation (MFN) rates, one of the outcomes of economic and trade consultations held by the Chinese and US economic and trade teams in New York and Washington, China's Ministry of Commerce (MOFCOM) said on Monday.

From September 20 to 23, the Chinese and US economic and trade teams held economic and trade consultations in New York and Washington, reaching positive consensus and contributing economic and trade outcomes to the meeting between the two heads of state, the ministry said.

To implement the important consensus reached at the meeting between the two heads of state, China and the US, on the basis of mutual respect and equal consultation, held multiple rounds of consultations under the framework of the Board of Trade on reciprocal tariff reductions covering $30 billion worth of products, and have now reached consensus, according to the ministry.

The two sides will implement the tariff reduction arrangements simultaneously after completing the relevant procedures in accordance with their respective domestic laws. Further details of the reciprocal tariff reduction arrangement will be announced at a later date. The arrangement will help further stabilize China-US economic and trade relations and create more favorable conditions for exports of relevant Chinese products to the US, the MOFCOM said.

Global Times