China Says It Is Negotiating Reciprocal Tariff Cuts Worth $30 Billion With the United States

[Financial News] The United States and China are holding follow-up negotiations to finalize tariff reduction measures covering approximately $30 billion (about 45 trillion won) worth of goods for each country, as agreed at their leaders’ summit in Beijing in May.
On the 10th, Huang Ling, a spokesperson for China’s Ministry of Commerce of the People’s Republic of China (MOFCOM), said, "The economic and trade teams of the United States and China are faithfully implementing the agreement reached by the two countries’ leaders at their Beijing meeting." Huang added, "They are currently discussing reciprocal tariff reductions covering $30 billion worth of goods," and said, "We are pursuing early implementation."
Earlier, China’s Ministry of Commerce said, "At the May summit, the two countries agreed to discuss a plan to select items of interest to each side worth at least $30 billion and reduce tariffs on them."
At the time, China explained, "The two countries may apply most-favored-nation tariff rates or lower rates to the items covered by their agreement."
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