China MOFCOM: Both Trade Teams to Finalize Arrangements and Expedite Implementation of $30B Reciprocal Tariff Reduction Framework

China's Ministry of Commerce (MOFCOM) spokesperson He Yadong stated at the regular press conference on May 28 that, in response to questions about progress in China-U.S. tariff negotiations, both economic and trade teams will maintain close communication, finalize specific arrangements, and push for implementation as soon as possible.

When asked whether China had determined the types of products to be included in the $30 billion tariff list and when details would be announced, He Yadong stated: "Tariffs have always been one of the key issues in China-U.S. trade relations. Under the strategic guidance of the leaders of both countries, China-U.S. trade teams have engaged in in-depth communication on the tariff issue and made arrangements regarding bilateral tariffs. I want to reiterate that we hope the U.S. side will honor its commitments and create positive conditions for expanding bilateral trade and economic cooperation."

He Yadong further stated that both sides have agreed in principle to discuss a reciprocal tariff reduction framework under the Trade Council for equal-scale products, each valued at $30 billion or more. Both economic and trade teams will maintain close communication, finalize specific arrangements, and push for implementation as soon as possible.

Related: MOFCOM on EU Steel Tariffs

MOFCOM spokesperson He Yadong also responded to the EU's plan to implement new steel tariff policies on July 1, stating that the EU's move is essentially trade protectionism, which will not only fail to maintain the competitiveness of the steel industry, but will also seriously impact China-EU trade cooperation. China is currently in negotiations with the EU and looks forward to reaching a mutually beneficial outcome.