The US will abolish the so-called "Fentanyl tariffs" on 10% of tariffs on Chinese goods, and continue to suspend 24% tariffs for a year.

Journalists are hard.

According to the information released on the website of the Ministry of Commerce on Thursday, a spokesman for the Ministry of Commerce asked reporters about the joint arrangements for the China-U.S. Kuala Lumpur economic and trade consultation.

Questioned by the reporter, it is understood that the two sides reached joint arrangements in the Kuala Lumpur Economic and Trade Consultation to solve their respective concerns on economic and trade issues.

In response, the spokesperson said that the Sino-US economic and trade teams reached consensus on outcomes through the Kuala Lumpur consultations mainly in the following aspects:

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

Second, the US will suspend the implementation of its September 29 export control 50% penetration rule for one year.China will suspend the implementation of related export control measures announced on October 9 for one year, and will study specific plans.

Third, the US will suspend the implementation of its 301 investigation measures against China's maritime, logistics and shipbuilding industries for one year.

In addition, the spokesman mentioned that the two sides also reached a consensus on Fintech anti-drug cooperation, expanding agricultural product trade, and the handling of individual cases of related enterprises.The two sides further confirmed the achievements of the Madrid economic and trade consultation, and the United States made positive commitments in investment and other fields, and China will properly solve TikTok-related issues with the United States.

On October 25-26, local time, the two sides held economic and trade consultations in Kuala Lumpur.The Chinese Ministry of Commerce International Trade Negotiations Representative and Deputy Minister Li Zhen Steel told Chinese and foreign media reporters after the consultation, that the two sides formed a preliminary consensus on properly solving several important economic and trade issues that concern each other, and the next step will be the implementation of their respective domestic approval procedures.

In the past two days, the Sino-U.S. economic and trade team has conducted in-depth and honest discussions and exchanges on the 301 measures of the U.S.-China maritime logistics and shipbuilding industry, further extended the mutual tariff suspension period, Fintech tariff and anti-drug cooperation, further expanded trade, export control and other issues, and constructively explored some options for properly handling the interests of both sides, forming a preliminary consensus.

Prior to this, on October 24, the CPC Central Committee held a press conference to introduce and interpret the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China. Minister of Commerce Wang Wentao said at the meeting that China, as a responsible big country, has always opposed decoupling and breaking links, and firmly safeguards the security and stability of the global production and supply chain. The first four rounds of economic and trade consultations have fully proved that on the basis of mutual respect and equal consultation, China and the United States can fully find ways to resolve each other's concerns, find the right way to get along, and promote the healthy, stable and sustainable development of Sino-US economic and trade relations.