China and US seek industry input on tariff cuts ahead of Xi-Trump summit
China's Ministry of Commerce announced a collaborative effort with the United States to gather insights from the industry regarding potential tariff reductions using a newly established trade board. Meng Huating, leading the Department of Foreign Investment Administration, disclosed this initiative during a press briefing on Thursday in Beijing. The Chinese administration is reaching out to a diverse group, including domestic enterprises and trade organizations, alongside American firms. Concurrently, U.S. officials are also inviting public comments as they finalize the board’s structure. On Wednesday, Secretary of State Marco Rubio indicated that advancements are being made in creating these boards ahead of President Xi Jinping's anticipated U.S. visit later this year.
Key facts
- China and US are soliciting industry feedback on potential bilateral tariff reductions
- China's commerce ministry announced the solicitation of views from stakeholders
- Meng Huating spoke at a press conference in Beijing on Thursday
- US is also collecting public feedback on the trade board
- Details of the board's framework, functions and operational model are being ironed out
- US Secretary of State Marco Rubio said the two countries are moving towards implementing the boards
- President Xi Jinping is expected to visit the US this year
- Rubio spoke in Manila after meeting with Chinese counterpart Wang Yi
Entities
Institutions
- Ministry of Commerce of the People's Republic of China
- Department of Foreign Investment Administration
- United States Department of State
Locations
- Beijing
- China
- United States
- Manila
- Philippines