On October 30, China’s Ministry of Commerce (商务部) officially released the outcomes of the China–U.S. trade consultations held in Kuala Lumpur. Building on the consensus reached during the China–U.S. presidential meeting in Busan, the two countries’ economic and trade teams achieved substantive breakthroughs on key issues such as tariffs and export controls, providing a strong boost of confidence to the global economy.
On October 29, Chinese and U.S. trade teams held consultations in Kuala Lumpur, reaching a series of significant agreements on economic and trade issues.
Key outcomes include:
The United States will remove the 10% "fentanyl tariff" on Chinese goods (including those from Hong Kong and Macao) and extend the suspension of the additional 24% tariffs on Chinese products for another year. China will make corresponding adjustments to its countermeasures, and both sides agreed to extend certain tariff exclusions.
The U.S. will suspend for one year implementation of the "50% penetration rule" announced on September 29, while China will suspend its corresponding export control measures announced on October 9 and continue to refine its implementation framework.
The U.S. will pause for one year its Section 301 investigation into China’s maritime, logistics, and shipbuilding sectors; China will likewise suspend its countermeasures during this period.
In addition, both sides reached consensus on fentanyl control cooperation, expansion of agricultural trade, and the handling of specific corporate cases, and reaffirmed their commitment to the outcomes of the Madrid trade consultations. The U.S. made positive pledges on investment-related issues, while China stated it would work with the U.S. to properly address matters related to TikTok.