China and the US Hold Economic and Trade Consultations in Paris, France

From March 15 to 16, local time, China and the United States held economic and trade consultations in Paris, France. This is a handshake between He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, and U.S. Treasury Secretary Janet Yellen before the consultations on March 15. Photo by Xinhua News Agency reporter Peng Ziyang.

Xinhua News Agency Paris, March 16 — From March 15 to 16, local time, Chinese lead negotiator for China-U.S. economic and trade relations, Vice Premier He Lifeng, and U.S. lead negotiators, Treasury Secretary Janet Yellen and Trade Representative Katherine Tai, held economic and trade talks in Paris, France. Guided by the important consensus between the two heads of state, the two sides engaged in honest, in-depth, and constructive exchanges on issues of mutual concern such as tariff arrangements, promoting bilateral trade and investment, and maintaining existing consensus. They reached some new agreements and will continue to maintain consultations.

He Lifeng stated that under the strategic guidance of the important consensus between the two heads of state, after five rounds of economic and trade consultations last year, China and the U.S. achieved a series of results, injecting more certainty and stability into their economic and trade relations and the global economy. Recently, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act are illegal. Subsequently, the U.S. imposed a 10% additional import fee on all trading partners under Section 122 of the Trade Act of 1974, and has also introduced negative measures related to the Section 301 investigation, corporate sanctions, and market access restrictions concerning China. China opposes the U.S. unilateral tariffs and has consistently maintained this stance, urging the U.S. to fully cancel such restrictive measures and take necessary actions to firmly defend its legitimate rights and interests. China hopes that the U.S. and China will work together to implement the important consensus of the two heads of state, continuously expand the cooperation list, reduce the list of issues, and promote the healthy, stable, and sustainable development of China-U.S. economic and trade relations.

The U.S. side stated that stable China-U.S. economic and trade relations are very important for both countries and the world, helping to promote global economic growth, supply chain security, and financial stability. Both sides should reduce friction, avoid escalation of issues, and resolve differences through consultations.

Both sides agreed to study the establishment of a cooperation mechanism to promote bilateral trade and investment, continue to give full play to the role of the China-U.S. economic and trade consultation mechanism, strengthen dialogue and communication, properly manage differences, expand practical cooperation, and promote the continuous, stable, and positive development of bilateral economic and trade relations.

(Edited by Wen Jing)

Keywords: Foreign Trade China-U.S. Trade