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

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On March 15-16, local time, China and the U.S. held economic and trade consultations in Paris, France. The Chinese lead negotiator, Vice Premier He Lifeng, and the U.S. lead negotiators, Treasury Secretary Janet Yellen and Trade Representative Katherine Tai, engaged in frank, in-depth, and constructive discussions on issues of mutual concern, including tariff arrangements, promoting bilateral trade and investment, and maintaining existing consensus. They reached some new agreements and will continue 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 talks 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 were 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 also introduced negative measures related to the 301 investigation, corporate sanctions, and market access restrictions concerning China. China opposes the U.S. unilateral tariffs and urges the U.S. to fully cancel such restrictions. China will take necessary measures to firmly defend its legitimate rights and interests. It is hoped that the U.S. and China will work together to implement the important consensus of their leaders, expand cooperation lists, reduce issues, and promote healthy, stable, and sustainable development of China-U.S. economic and trade relations. The U.S. 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 consultation. They agreed to explore the establishment of a cooperation mechanism to promote bilateral trade and investment, continue to leverage the China-U.S. economic and trade consultation mechanism, strengthen dialogue and communication, properly manage differences, expand practical cooperation, and ensure the steady and positive development of bilateral economic and trade relations. (Xinhua News Agency)

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