China, U.S. consult stakeholders on tariff reduction plans

(ECNS) -- China and the United States are consulting relevant stakeholders on arrangements for reciprocal tariff cuts and will move swiftly to put them into effect, the Ministry of Commerce said on Thursday at a press briefing in Beijing. 

Meng Huating, a ministry official, said the two sides are discussing the structure and operation of a planned trade council and reciprocal tariff reduction arrangements involving $30 billion on each side, and have also agreed to establish an investment council.

China is consulting domestic companies, business associations, local governments and associations representing U.S.-invested companies, while the United States is seeking public comments. Meng said the two councils would help the two sides expand cooperation, manage differences and maintain stable economic and trade ties.