PANews reported on October 30 that, according to the Ministry of Commerce, China and the United States reached several important consensuses during their trade consultations in Kuala Lumpur:

1. The US will remove the 10% fentanyl tariff imposed on Chinese goods (including goods from Hong Kong and Macau) and continue to suspend the 24% retaliatory tariff on Chinese goods for another year. China will adjust its countermeasures accordingly, and both sides have agreed to extend some tariff exclusions.
2. The U.S. will suspend its 50% penetration rule on export controls announced on September 29 for one year, and China will also suspend its related export control measures announced on October 9 for one year, and study and refine specific plans.
3. The U.S. will suspend its Section 301 investigations against China’s maritime, logistics and shipbuilding industries for one year, and China will suspend its countermeasures accordingly for one year.

In addition, both sides reached consensus on issues such as cooperation in fentanyl control, expanding agricultural trade, and handling individual corporate cases, and affirmed the results of the Madrid trade consultations. The US made positive commitments in the investment field, and China will properly resolve issues related to TikTok. The Ministry of Commerce stated that the results of these consultations inject more stability and certainty into China-US economic and trade cooperation and the world economy.