China and the United States are consulting relevant stakeholders on arrangements for reciprocal tariff cuts and will move swiftly to put them into effect, the Ministry of Commerce said on Thursday, an effort expected to further boost bilateral trade. Meng Huating, a ministry official, said at a news conference in Beijing that the two countries' economic and trade teams are maintaining close communication on specific arrangements for the trade council — a mechanism the two sides agreed to establish under the consensus reached by the two heads of state — and a reciprocal tariff reduction framework covering $30 billion ... (full story)