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

People’s Financial News, March 16 — On March 15-16 local time, the Chinese and U.S. economic and trade leaders, Vice Premier He Lifeng of China and U.S. Treasury Secretary Janet Yellen and 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 discussions on issues of mutual concern, including tariff arrangements, promoting bilateral trade and investment, and maintaining existing consultation agreements. They reached some new consensus 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 China-specific 301 investigation, corporate sanctions, and market access restrictions. China opposes the U.S. unilateral tariffs consistently and urges the U.S. to fully cancel such restrictive measures. China will take necessary measures to firmly defend its legitimate rights and interests. It 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 issues list, and promote 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. They agreed to study the establishment of a cooperation mechanism to promote bilateral trade and investment, continue to play 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 sustained and stable development of bilateral economic and trade relations. (Xinhua News Agency)