China vows to seek tariff cuts with US while decrying its ‘malicious’ trade acts

Days after imposing fresh restrictions on dozens of American firms in response to earlier US actions, Beijing has vowed to keep pursuing tariff cuts and “win-win” cooperation with Washington, illustrating how cooperation and confrontation now run in parallel between the world’s two largest economies.

Both sides will continue discussing reciprocal tariff reductions within the framework of a newly established trade board while encouraging cooperation in aircraft and agricultural products, according to a spokesman for China’s Ministry of Commerce.

“The economic and trade teams of both sides will carry out further consultations on this matter,” He Yadong said of the reciprocal tariff reductions during a press conference on Thursday.

China and the United States will also encourage and guide their respective companies to strengthen engagement and expand trade activity in aircraft and agricultural products, He said.

The diplomatic overture follows a proposal last week by Xie Feng, China’s ambassador to the US, to increase the limit on tariff-free goods tenfold. Under the proposed expansion, the value of non-sensitive trade covered by the trade board would jump from US$30 billion to US$300 billion.

However, the cooperative signals clash with persistent friction between the economic superpowers.