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

On March 15-16 local time, China and the U.S. trade teams held China-U.S. economic and trade consultations in Paris, France. This photo shows Politburo Standing Committee member and Vice Premier He Lifeng shaking hands with U.S. Secretary of the Treasury Janet Yellen before the consultations on March 15. Photo by Xinhua News Agency reporter Peng Ziyang.

On March 15-16 local time, China’s lead negotiator for China-U.S. economic and trade relations, Vice Premier He Lifeng, and the U.S. lead negotiator, Secretary of the Treasury Janet Yellen, along with Trade Representative Katherine Tai, held economic and trade consultations in Paris, France. Guided by the important consensus between the two heads of state, the two sides engaged in frank, 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 trade negotiations last year, China and the U.S. achieved a series of results in the economic and trade field, injecting more certainty and stability into bilateral 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 tariff increases and has been consistent in its stance. It urges the U.S. to fully cancel unilateral tariffs and other restrictive measures, and will take necessary measures to firmly defend its legitimate rights and interests. The hope is that the U.S. and China will work together to implement the important consensus between the two heads of state, continuously expand the cooperation list, reduce the issues list, 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, as they help promote global economic growth, supply chain security, and financial stability. Both sides should reduce frictions, 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 healthy development of bilateral economic and trade relations.