BEIJING, May 12. /TASS/. The decision by China and the United States to reduce customs tariffs meets the interests of both countries and the whole world, the Chinese Ministry of Commerce said in a statement on the Chinese-American talks in Switzerland.
"The step reflects the expectations of producers and consumers of both countries, and meets the interests of both countries and the world’s common interests," according to a statement on the ministry’s website.
Beijing hopes that Washington will continue working "on fully correcting the wrong practice of unilateral tariff hikes," the statement reads. China is ready together with the US to promote the strengthening of mutually beneficial cooperation and maintain a healthy, stable and sustainable development of trade and economic relations, the ministry noted.
The talks between the US and China on trade and economic issues were held in Switzerland on May 10-11. The parties agreed on reciprocal reduction of tariffs to 10% and the creation of a mechanism to continue discussions about economic and trade relations.
Back in February, US President Donald Trump announced an escalation of tariffs on all Chinese imports by 10%. In response, China imposed targeted tariffs from 10% to 15% on agriculture equipment, a number of cars, oil, coal and LNG from the US.
The following month, Washington raised tariffs by another 10%, while Beijing responded with targeted tariffs from 10% to 15% of American agriculture products.
By April, the US increased extra tariffs on Chinese imports three times, after which they reached 145%. As countermeasures, China raised tariffs on all American products in April, bringing them to 125%.