Trade teams from both countries would discuss extending the one-year agreement worked out at the time, the ministry said. The sweeping pact was later unveiled at a leaders’ summit in Busan, South Korea, leading to a suspension of some tariffs, rare earth curbs and investigations into China’s shipbuilders until November this year. Working toward an extension “aligns with the two countries’ common interest, as well as international expectations”, it said.
(May 20): China indicated it would accept some increase in US tariffs to a level agreed upon last year and would continue talks to extend a trade truce — a sign ties between the world’s two largest economies are further stabilising.
“We hope that the US will honour its commitments and that, regardless of the reasons given for imposing or replacing tariffs on China in the future, the level of US tariffs on China will not exceed the level” agreed upon at negotiations in Kuala Lumpur back in October, the Commerce Ministry in Beijing said in a Wednesday statement.
