CBN丨China, U.S. agree to seek further tariff pause

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Here’s what you need to know about China in the past 24 hours

Chinese and U.S. officials on Tuesday concluded one and a half days of high‑level trade talks in Stockholm, agreeing to push for the extension of a 90‑day tariff pause that could help stabilize the global economy.

The trade and economic teams of China and the United States held “in-depth, candid and constructive exchanges over important topics of mutual interest,” Xinhua reported on Tuesday.

Based on the meeting consensus, both sides will continue pushing for the continued extension by 90 days of the pause on 24 percent of reciprocal tariffs of the US side, as well as counter measures of the Chinese side, it said.

Over the past day and a half, the two sides reviewed the implementation of the Geneva and London consensuses and gave full affirmation to the progress made, Li Chenggang, China international trade representative with the Ministry of Commerce and vice minister of commerce, said when briefing the press following the new round of economic and trade talks in Stockholm.

Both sides are fully aware of the importance of safeguarding a stable and sound China-U.S. economic ties, Li said, adding that the two sides held candid exchanges over each other's major trade and economic concerns.

The Chinese and U.S. economic and trade teams will maintain close communication, conduct timely exchanges on trade and economic issues, and continue to promote the stable and healthy development of bilateral economic and trade relations, Li said.

The Stockholm talks mark the third such meeting between the two sides in three months and came just days before the expiration of a 90-day tariff truce agreed upon by the two sides, with a deadline approaching on August 12.

Chinese Vice Premier He Lifeng, who led the delegation from Beijing, told reporters in Stockholm that the US should work with China tocontinue to enhance consensus, reduce misunderstandings, strengthen cooperation, further deepen dialogue and consultations, and strive for more win-win outcomes, according to Xinhua.

A stable, healthy and sustainable China-US economic and trade relationship serves not only the two countries' respective development goals but also contributes to global economic growth and stability, He said.

GBA express

Industry and company news

Asia-Pacific highlights

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

Presented by SFC