Kuala lumpur: China's Ministry of Commerce on Thursday unveiled the outcomes achieved by Chinese and U.S. delegations during their recent economic and trade talks in Kuala Lumpur.

According to Namibia Press Agency, the U.S. side will cancel the 10-percent so-called "fentanyl tariffs" and suspend, for an additional year, the 24-percent reciprocal tariffs levied on Chinese goods, including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region, as stated by a spokesperson of the ministry.

China will make corresponding adjustments to its countermeasures against the aforementioned U.S. tariffs. Both sides have also agreed to continue extending certain tariff exclusion measures. The United States will suspend for one year the implementation of a new rule announced on Sept. 29 that expands its "entity-list" export restrictions to any entity that is at least 50 percent owned by one or more entities on the list. In return, China will suspend the implementation of relevant export control measures announced on Oct. 9 for one year and will study and refine specific plans.

The U.S. side will also suspend the implementation of measures under its Section 301 investigation targeting China's maritime, logistics, and shipbuilding industries for one year. In response, China will suspend its countermeasures against the U.S. for one year once the U.S. suspension takes effect. Additionally, the two sides reached consensus on issues including anti-drug cooperation on fentanyl, expanding agricultural product trade, and handling individual cases involving relevant enterprises.

Both sides confirmed the outcomes of the Madrid economic and trade talks. The U.S. made commitments in areas such as investment, and China will address issues related to TikTok with the U.S. The talks in Kuala Lumpur have yielded positive results, highlighting that through dialogue and cooperation, both sides can find solutions to problems. The spokesperson noted the outcomes are hard won and emphasized China's willingness to work with the U.S. to ensure the implementation of these outcomes, aiming to inject more certainty and stability into bilateral economic and trade cooperation as well as the global economy.

The Chinese side expressed readiness to work with the U.S. to uphold and implement the important consensus reached by the two heads of state in Busan, where they had in-depth discussions on China-U.S. economic and trade relations and agreed to strengthen cooperation in economic, trade, and other fields.