US, China Recommend $30bln in Non-Sensitive Trade for Preferential Tariff Treatment

The United States and China have recommended 30 billion US dollars of non-sensitive goods trade on each side for potentially more favourable tariff treatment under a newly established bilateral trade framework, according to US Trade Representative Jamieson Greer.

The recommendations cover products that the two countries have identified as suitable for improved trade treatment under the US-China Board of Trade, established by President Donald Trump and Chinese President Xi Jinping to manage trade in non-sensitive products between the world’s two largest economies.

Greer said the recommendations followed Xi’s visit to Washington and were a direct result of the relationship between the two presidents.

The proposed trade coverage includes US agricultural products and medical devices, while Chinese goods identified for potential preferential treatment include household products and toys.

Greer said the recommendations could improve market access for US exporters to China, with the products identified representing about 30 percent of US exports to the Chinese market.

The US administration said it would continue discussions with China around reciprocal trade, including compliance with commitments on agricultural and energy purchases, trade in non-sensitive goods and market access for US farmers, manufacturers, businesses and workers.

Source: FSX Business News