Huang Ling, spokesperson for China’s Ministry of Commerce, speaks at a regular press briefing on Sept. 10, saying China and the U.S. are discussing specific measures for $30 billion in mutual tariff reductions. / Chinese Ministry of Commerce website

China said it is discussing specific measures with the U.S. to implement $30 billion, or about 40 trillion won, in mutual tariff reductions agreed at a summit in Beijing on May 14-15.

Huang Ling, spokesperson for China’s Ministry of Commerce, said at a regular press briefing on Sept. 10 that the two countries’ economic and trade teams are negotiating details of a framework for reciprocal tax and tariff reductions equivalent to $30 billion each.

“The Chinese and U.S. economic and trade teams are earnestly implementing the consensus reached by the two presidents at their Beijing meeting and are negotiating specific measures under a tax-cut framework equivalent to $30 billion,” Huang said. “We are working toward implementation as soon as possible.”

Following U.S. President Donald Trump’s visit to China in May, the two countries announced that they had agreed to discuss tariff reductions covering $30 billion worth of trade.

They also agreed in principle to use a bilateral trade committee to discuss a framework for reciprocal tariff reductions on products of equivalent value. Products of mutual interest agreed upon by both sides were expected to be subject to most-favored-nation tariff rates or lower rates.

China’s Ministry of Commerce said in July that both countries were conducting domestic consultations on the proposed $30 billion in reciprocal tariff reductions and planned to finalize and implement product-specific tariff cuts as soon as possible.

Some foreign media reports, however, have suggested that a U.S.-China investment committee, one of the key agreements reached at the leaders’ summit, has faced difficulties getting off the ground and is therefore unlikely to be included among the outcomes of this month’s talks.

This could indicate that the summit scheduled to be held at the White House in Washington on Sept. 24 may face considerable difficulties.

                                                                                                           Hong Soon-do