China's US Envoy Proposes 10-Fold Increase in Tariff-Free Trade
Chinese ambassador to the United States Xie Feng on Wednesday proposed to increase the limit of tariff-free goods under the newly created US-China Board of Trade from the existing US$30 billion to US$300 billion – a 10-fold rise in non-sensitive trade covered by the mechanism. Addressing a gathering at the US-China Business Council gala in Washington, Xie said he shared the view of “many friends from American businesses” that the tariff-free basket was “far from big enough”.
China's ambassador to the United States, Xie Feng, has proposed a tenfold increase in tariff-free trade under the newly established US-China Board of Trade, raising the limit from $30 billion to $300 billion. Xie argued that the current tariff-free basket is insufficient for non-sensitive trade between the two nations. Addressing the US-China Business Council, he echoed sentiments from American businesses that desire a larger scope for tariff-free goods. This proposal aims to foster greater economic cooperation and reduce trade barriers between the two global economic powers.
China's proposal to significantly increase tariff-free trade with the US aims to boost economic cooperation and reduce trade barriers, potentially impacting global commerce.
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